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Frederick’s: Hollywood Sizzle Line
Frederick’s: Hollywood Sizzle Line

Added: May 2010

current news

Frederick’s gets $7 mill. loan

French Maid costume by Fredrick's
French Maid costume by Fredrick's

(Filed Under Financial and General Interest News). Frederick’s of Hollywood Group Inc. said it has entered into a financing agreement which provides for a $7 million term loan through Hilco Brands, LLC (an affiliate of Hilco Consumer Capital, LLC) and its partner Infinity FS Finance I, LLC (an affiliate of Infinity FS Brands, LLC). Proceeds from the term loan were used to repay the company’s $2 million bridge loan and the balance will be available to Frederick’s as additional working capital.

“We are pleased to announce the closing of this new $7 million term loan, which caps a multi-step process to recapitalize the company in 2010. As a result of these efforts, we have effectively established a solid foundation from which to further implement our strategy to grow and expand Frederick’s of Hollywood into a global lifestyle brand,” said Thomas Lynch, chairman and chief executive officer of the company.

One-half of the principal amount and accrued interest of the term loan matures on each of July 30, 2013 and July 30, 2014. The term loan bears interest at a fixed rate of 9 percent payable quarterly in arrears, and an additional 6 percent in payment-in-kind interest that accrues and compounds annually. The term loan is secured by a first priority security interest in the company’s intellectual property and a second priority security interest in substantially all of the company’s other assets.

more Financial and General Interest News >>

Published 08-13-2010 by Nick Monjo

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