BOSTON, March 22, 2021 /PRNewswire/ -- Pathlight Capital announced it is serving as the FILO Agent on the recently funded $17.5 million first-in, last-out ("FILO") term loan facility for Destination XL Group, Inc. ("DXL" or the "Company"), the largest omni-channel specialty retailer of big and tall men's apparel. In addition to DXL Big + Tall, the Company also operates Casual Male XL retail and outlet stores and e-commerce sites including DXL.com.
The $17.5 million FILO, which matures on March 16, 2026, will be used to refinance certain existing indebtedness as well as provide additional liquidity for ongoing working capital needs.
"Over the past year, we have repositioned our business to emerge from the pandemic with a lighter cost structure and significantly more operating leverage," said Peter Stratton, Chief Financial Officer of DXL. "The refinance of the FILO provides an added layer of liquidity that gives us more flexibility to execute against our strategic plan. I'd like to thank the team at Pathlight for their support of our vision."
"For the past decade, I've had the pleasure of watching DXL reinvent the shopping experience for their customers in a dramatic way," said Mark Twomey, Managing Director of Pathlight Capital. "We're excited to provide incremental liquidity during this difficult economic time period to a business that has built a loyal customer base in an underserved sector of the men's apparel market."
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 aims to provide 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 Destination XL
Destination XL Group, Inc. is the largest retailer of men's clothing in sizes XL and up, with operations throughout the United States as well as in Toronto, Canada. In addition to DXL Big + Tall retail and outlet stores, subsidiaries of Destination XL Group, Inc. also operate Casual Male XL retail and outlet stores, and e-commerce sites, including DXL.com. DXL.com offers a multi-channel solution similar to the DXL store experience with the most extensive selection of online products available anywhere for Big + Tall men. The Company is headquartered in Canton, Massachusetts, and its common stock is listed on the OTCQX market under the symbol "DXLG."
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SOURCE Pathlight Capital