True Religion Apparel plans $535 million credit facility for buyout

By Sara Rosenberg

New York, June 3 - True Religion Apparel Inc. has received a commitment for a $535 million senior secured credit facility to help fund its acquisition by TowerBrook Capital Partners LP, according to a PREM14A filed with the Securities and Exchange Commission on Monday.

Deutsche Bank Securities Inc., Jefferies Finance LLC, UBS Securities LLC and Macquarie Capital (USA) Inc. are leading the financing.

The facility consists of a $50 million asset-based revolver, a $375 million first-lien term loan and a $110 million second-lien term loan.

Other funds for the buyout will come from up to $175 million in equity and cash on hand.

Under the agreement, the company is being acquired for $32 per share in cash in a transaction valued at about $835 million.

Closing is expected in the third quarter, subject to shareholder approval, regulatory approvals and other customary conditions.

True Religion is a Vernon, Calif.-based jeans and jeans-related sportswear company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.