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David’s Bridal Receives Firm Commitments for $55 million of New Capital and Announces Agreement in Principle for Recapitalization Transaction to Accelerate Growth

CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--

David’s Bridal Inc. (the “Company”), the nation’s leading bridal and special occasion authority, announced today that it has received firm commitments for $55 million of new capital from existing lenders to fund growth investments. Additionally, the Company reached an agreement in principle with its lenders to exchange $276 million of its existing term loans into new preferred and common equity securities.

The recapitalization transaction has received unanimous support from existing lenders and will result in total funded debt of approximately $75 million. The Company’s existing $125 million revolving credit facility will remain in place with an extended maturity and is expected to be unfunded.

“With the tremendous support of our investors and lenders, we are executing a compelling transformation strategy that is centered around our customer,” said Chief Executive Officer Jim Marcum. “These transactions will provide us with the financial resources and flexibility necessary to focus on changing the David’s Bridal experience by modernizing our branding and marketing, investing in tools and platforms to support brides during the entire wedding planning process, and enhancing the customer experience in-stores and online.”

Christine Pope, Board Chair of David’s Bridal and Senior Vice President at Oaktree Capital, added: “Jim and his team have made outstanding progress at David’s Bridal in a short period of time, and we are pleased to have this strong support from our lenders and investors.”

Mr. Marcum concluded: “I would like to thank all of our valued employees and customers for their loyalty and dedication. We are confident that we have the financial support, the right strategy and the best team in place to firmly establish a clear path for long-term success and to re-establish David’s Bridal as the go-to destination for every bride.”

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as the Company's legal advisor and Greenhill & Co., LLC served as financial advisor.

About David’s Bridal

With more than 60 years of experience dressing women for all of life’s special occasions, David’s Bridal is built on the ideal that every woman deserves to have the dress of her dreams regardless of her style preference, shape, size or budget. We believe in inclusivity, authenticity and empowerment and it is our mission to help every woman find the bridal gown that will allow her to be the best, most genuine version of herself on her wedding day. David’s Bridal is dedicated to helping each customer find her perfect dress with the assistance of online planning tools, knowledgeable stylists, and expert seamstresses who will guide her through her entire dress buying journey. With more than 300 stores located across the US, Canada, UK, and franchise locations in Mexico, we offer the convenience of one-stop shopping for the bride and her entire bridal party. To learn more about David’s Bridal, visit http://www.davidsbridal.com and connect on social media through Pinterest, Instagram, YouTube, Facebook and Twitter.

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