Crystal Financial LLC announced the closing of a $27.5 million Senior Term Loan facility for Vince, LLC (“Vince” or the “Company”), an indirectly wholly owned subsidiary of Vince Holding Corp. (NYSE: VNCE). Vince is a leading global luxury apparel and accessories brand. The Company offers women’s and men’s ready to wear in addition to accessories, shoes and home décor. Its products are available through its upscale wholesale partners as well as through their retail stores network and their e-commerce site, vince.com.
Proceeds from the term loan will be used to refinance existing term debt, extend maturities and to provide flexibility for various company initiatives.
“The refinance of term debt with Crystal in concert with our new revolving credit facility provides us with the optimal capital structure to continue to execute our strategic objectives and drive long term growth in our business. The Crystal team was both highly professional and very knowledgeable about our industry. We look forward to a mutually beneficial partnership,” said David Stefko, EVP, Chief Financial Officer of Vince.
“Vince has made strides in refocusing their product assortment to deliver best in class merchandise that their customers expect and appreciate from the Vince brand. They have also provided their consumers with a holistic, multi-channel experience through their network of retail stores, e-commerce site and a curated group of wholesale partners. We are excited to be involved with such a well-regarded, premier luxury brand,” said Cheryl Carner, Senior Managing Director of Crystal Financial.
Andrew Hettinger, Senior Managing Director of Crystal Financial said, “We are pleased to partner with the high caliber management team at Vince.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.
About Vince
Established in 2002, Vince is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day. The collections are inspired by the brand’s California origins and embody a feeling of warm and effortless style. Vince designs uncomplicated yet refined pieces that approach dressing with a sense of ease. Known for its range of luxury products, Vince offers women’s and men’s ready-to-wear, shoes, handbags, and home for a global lifestyle. Vince products are sold in prestige locations worldwide. As of June 11, 2018, the Company operated 44 full-price retail stores, 14 outlet stores and its e-commerce site, vince.com. The Company is headquartered in New York and operates a design studio in Los Angeles. Please visit www.vince.com for more information.
