NEW YORK--(BUSINESS WIRE)--Sound Point Capital Management (“Sound Point”) is pleased to announce that it provided an Accounts Receivable Facility for Centric Brands (“Centric” or the “Company”), a leading global lifestyle brand collective that designs, sources and markets branded products in the apparel, accessories, beauty and entertainment categories. The transaction refinances and upsizes a similar facility that was previously held by Sound Point.
“We have been a lender to the Company for two years and have strong conviction in the management team that has navigated a challenging retail environment,” said Morgan Dean, a Managing Director in Sound Point’s Strategic Capital business. “The Company has grown and requested an upsized facility, which we were happy to provide,” Dean continued. “We look forward to strengthening our relationship with Centric Brands and supporting their next phase of growth.”
“Centric has enjoyed a lender relationship with Sound Point for two years with an Accounts Receivable Facility provided in 2020,” said Deborah Bell, Senior Vice President of Strategic Finance for Centric Brands. “We continue to value Sound Point as a key lender supporting our new phase of growth as we upsize the facility to reflect our continued business momentum. We look forward to continuing the partnership with Sound Point.”
The Strategic Capital team at Sound Point partners with sponsors and management teams to provide debt capital for a variety of uses, including M&A, working capital, and owner distributions. We focus on complex transactions that require flexible solutions, including asset-based, cash flow and hybrid facilities. Our transaction size typically ranges from $50 million - $1 billion.
About Sound Point Capital Management, LP
Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies. Based in New York, with offices in London, the firm manages money on behalf of institutional investors including top-tier pensions, foundations, insurance companies, wealth management firms and family offices. Sound Point's strategies span the spectrum of liquid and illiquid credit alternatives and include funds and managed accounts focused on leveraged loans, special situations, distressed debt, structured credit, direct lending and commercial real estate. Sound Point currently manages approximately $32 billion of assets. Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are strategic investors in our business. For more information, please visit Sound Point's website at www.soundpointcap.com.
About Centric Brands
Centric Brands is a leading lifestyle brand collective that designs, sources, markets, and sells high-quality products in the kids, men’s and women’s apparel, accessories, beauty, and entertainment categories. The Company’s portfolio includes licenses for more than 100 iconic brands. The Company’s products are sold primarily in North America through leading mass-market retailers, specialty and department stores, and online. Centric Brands LLC has unparalleled expertise in product design, development and sourcing, retail and digital commerce, marketing, and brand building. The Company is headquartered in New York City, with U.S. offices in Los Angeles and Greensboro, and international offices in London, Toronto, and Montreal. For more information about Centric Brands, please visit https://www.centricbrands.com.