Goody's Family Clothing gets new $220m senior facility from GMAC CF & CIT
23 Mar '06
3 min read
The GMAC Commercial Finance Retail Finance Group (GMAC CF) and CIT Retail Finance (CIT) have entered into a new five-year $220 million revolving loan agreement with Goody's Family Clothing Inc and its subsidiaries (Goody's).
GMAC CF and CIT acted as co-lead arrangers and also as administrative agent and collateral agent, respectively. LaSalle Retail Finance is the letter of credit issuing agent and Merrill Lynch Capital is the documentation agent. Other prominent participants include AmSouth Bank and Webster Business Credit Retail Finance.
On January 27th 2006, GF Acquisition Corp completed its acquisition of Goody's with Goody's continuing as the surviving corporation. Goody's Holdings Inc is owned in equal parts by GMM Capital LLC and PGDYS Lending LLC. GMM Trust is the managing member of GMM Capital LLC, and Prentice Capital Management, LP is the managing member of PGDYS Lending LLC.
The cash tender offer for the outstanding shares of Goody's was financed with a bridge loan provided by PGDYS Lending LLC and GMM Capital LLC. The revolving credit facility combined with an equity infusion, cash on hand, a term facility and the proceeds from a sale-leaseback transaction refinanced the bridge loan.
According to Gina Milanese, a Managing Director of Prentice Capital Management and Director at Goody's, "We are very pleased to have the support and confidence of two such highly respected financial institutions leading the new credit facility."
marketing@alchempro.com
