Pathlight Capital Increases Term Loan Credit Facility for B. Riley Receivables II, LLC To $198.7MM

BOSTON, Feb. 6, 2023 /PRNewswire/ -- Pathlight Capital LP ("Pathlight") is pleased to announce the closing of a $78.3MM upsize ("Upsize Facility") to the existing senior secured term loan credit facility to an SPV majority owned by a subsidiary of B. Riley Financial, Inc. to support an incremental purchase of a portfolio of performing receivables from W.S. Badcock Corporation ("Badcock" or the "Company"), one of the largest home-furnishing retailers in the country and subsidiary of Franchise Group, Inc (NASDAQ: FRG).

The closing of the Upsize Facility on January 12, 2023, results in a $198.7MM total Credit Facility, of which Pathlight serves as the administrative agent.

"Once again Pathlight has proven to be a trustworthy counterparty and continues to demonstrate their expertise in complex transactions," said Brian Kahn, President and CEO of Franchise Group. "We appreciate their continued support and look forward to growing our partnership with the Pathlight team."

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, said, "We were pleased to work with Pathlight on this incremental purchase of Badcock receivables as a continuation of our long-standing support of FRG."

Christopher Arnold, Managing Director of Pathlight Capital, said, "We are proud to continue to support B. Riley and Badcock Furniture by providing additional liquidity and value our ability to assist borrowers as further financing needs arise."

About Pathlight Capital
Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans secured on a first or second lien basis against tangible and intangible assets. Pathlight provides creative financing solutions to allow management teams to access incremental liquidity for the purposes of funding working capital, debt refinancings, growth, acquisitions, dividends and turnaround strategies. For more information, please visit www.pathlightcapital.com. 

About W.S. Badcock Corporation
W.S. Badcock Corporation, a subsidiary of Franchise Group Inc. (NASDAQ: FRG), is a Southeastern home furnishings company headquartered in Mulberry, FL. Founded in 1904, its branded Badcock Home Furniture & more retail chain has grown to more than 380 corporate and associate dealer stores across eight states. Badcock carries a complete line of furniture, appliances, bedding, electronics, home office furnishing, accessories and seasonal items while offering payment plans just right for its customers. For more information, visit www.badcock.com.

The information presented in this release is the opinion of Pathlight Capital LP and does not reflect the view of any other person or entity. The above is for information purposes and should not be construed as an investment recommendation. 

This release may contain an endorsement from an individual who may be supporting or recommending the activities of the Firm. Such individual has not been compensated directly or indirectly by the Firm for the use of his statements. The statements represent endorsement by that individual only and may not represent the experience of all counterparties.

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SOURCE Pathlight Capital