Second Avenue Capital Partners (“SACP”), a Schottenstein affiliate, along with TCW Private Credit and Sagard Credit, announced the closing of a new term loan and revolving credit facility for True Religion Apparel, Inc. (“True Religion” or the “Company”). SACP served in various roles for the transaction including Sole Arranger, Revolver Agent, Sole Revolver Lender and Term Loan Lender.
Proceeds from the new credit facility will refinance existing debt, support ongoing working capital needs, and provide liquidity to meet the Company’s long-term growth plans.
Initially founded in 2002, True Religion redefined the premium jeans market, blending high-quality craftsmanship, innovative designs, and a distinct sense of style that resonates with a diverse customer base. Today, True Religion partners and collaborates with emerging designers and artists and has positioned itself as an enduring, aspirational brand that appeals to a broad base of consumers seeking iconic products with bold styling. True Religion products are available in select department stores, specialty retailers, 46 Company-owned True Religion stores, and at www.truereligion.com.
“This transaction reflects a genuine partnership between our team and the lending group,” said True Religion’s CEO Michael Buckley. “SACP was able to structure a creative financing solution to meet our needs and support our business objectives to propel True Religion’s growth.”
“We are thrilled to partner with Michael Buckley and the team at True Religion as they enter this exciting next stage of growth,” said Michael Russell, Managing Director of Second Avenue Capital Partners.
Chris O’Connor, President of Second Avenue Capital Partners, is enthusiastic about working with True Religion. “The management team’s ability to take what was already an iconic brand and reposition it by leaning into its origins, making True Religion relevant to a new generation, is impressive. This transaction underscores our dedication to partnering with dynamic companies to drive value and fuel innovation.”