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Lucky Brand Dungarees, LLC Announces Successful Refinancing

- Refinanced and extended the existing ABL facility with Wells Fargo Capital Finance

- Refinanced, extended and upsized the existing first lien term loan facility with Wells Fargo Capital Finance and Gordon Brothers Finance Company

- Completed a new second lien term loan facility and minority equity investment with affiliates of Lantern Capital Partners and ReStore Capital

LOS ANGELES, Nov. 21, 2019 /PRNewswire/ -- Lucky Brand Dungarees, LLC ("Lucky Brand" or the "Company"), a portfolio company of Leonard Green & Partners, L.P. and a leading designer, distributor and retailer of premium denim and apparel goods in North America, announced today the completion of a new refinancing transaction.

As a result of the refinancing, Lucky Brand upsized its existing first lien term loan via existing lenders Wells Fargo Capital Finance and Gordon Brothers Finance Company, and refinanced its former second lien credit facility via a new second lien term loan provided by a joint venture backed by Lantern Capital Partners ("Lantern") and Restore Capital, LLC ("ReStore"). In connection with the second lien term loan capital raise, the Lantern and ReStore joint venture also acquired a minority equity stake in Lucky Brand.

"Completing the refinancing marks a significant step forward for the Company and our customers, vendors and other stakeholders," stated Nigel Kershaw, Chief Financial Officer. "We would like to thank Wells Fargo Capital Finance and Gordon Brothers Finance Company for creating financial solutions that support our future business needs. We would also like to thank Lantern and ReStore for their confidence and we are excited to welcome them as strategic partners."

Houlihan Lokey acted as the financial advisor to the Company, while Latham & Watkins acted as the legal counsel to the Company.

About Lucky Brand
Founded in Los Angeles with a focus on heritage denim, Lucky Brand is a leading fashion designer and manufacturer of premium denim in North America. Lucky has embodied the independent spirit and lifestyle of Southern California for over 25 years. Vintage-inspired jeans, broken-in graphic tees, classic leather motorcycle jackets, and bohemian styles all capture the laidback vibes and authenticity of Lucky. Lucky currently has over 230 locations in North America and is sold in select department stores and independent boutique retail locations. The company also interacts with customers and offers its products through its own direct-to-consumer website.

About Leonard Green & Partners
Leonard Green & Partners is a leading private equity investment firm founded in 1989 and based in Los Angeles. LGP partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 90 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. LGP primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials.

About Lantern Capital Partners
Lantern Capital Partners is an industry-diverse private equity firm that drives value by helping portfolio companies solve operational, liquidity and process issues. Lantern's extensive experience is rooted in acquisitions and management of complex operating assets and businesses, operational turnarounds, and structuring and providing financing solutions. Lantern (www.lanternam.com) is headquartered in Dallas, TX, and led by Co-Founders Andy Mitchell and Milos Brajovic.

About ReStore Capital
ReStore Capital is a leading provider of secured financing and inventory procurement solutions for retailers and etailers.  By leveraging decades of retail and wholesale consumer goods and brand expertise and substantial investment capital, ReStore is able to unlock additional liquidity through new loans or refinancings.  Armed with newly infused capital and a healthier balance sheet, ReStore's clients are able to procure fresh inventory, make CAPEX improvements, expand their footprint, and otherwise improve their businesses.  ReStore Capital is a Hilco Global company (www.hilcoglobal.com).

About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others.

About Gordon Brothers Finance Company
Gordon Brothers Finance Company is a commercial finance company focused on middle market lending. GBFC originates asset-based loans across a wide spectrum of industries using its asset knowledge to put capital into companies. GBFC complements senior asset-based loans and other traditional financing through a variety of loan structures. GBFC's self-contained credit process delivers solutions on an accelerated basis, typically with advance rates that exceed those offered by senior asset-based lenders.


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