NEW YORK, July 9, 2012 – The $730,000,000 senior secured facility arranged by Goldman Sachs Lending Partners LLC, Barclays Bank PLC, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. was funded today. The senior secured facility included a $655,000,000 senior secured term loan facility, maturing in 2019, and a $75,000,000 senior secured revolving credit facility, terminating in 2017, the proceeds of which will be used to finance in part the acquisition of Savers, Inc. and its subsidiaries by Leonard Green & Partners, TPG Evergreen, L.P., Thomas Ellison, the Chairman of Savers from Freeman Spogoli & Co. Milbank, Tweed, Hadley & McCloy, LLP represented Goldman Sachs Lending Partners LLC as Administrative Agent, Joint Lead Arranger and Lender in connection therewith.
Savers, Inc. is a pioneer in the retail thrift industry. With 270 store locations in the United States, Canada and Australia, Savers is the #1 for-profit thrift retailer in North America. For over 50 years, Savers has partnered with nonprofit alliances, purchasing and reselling clothes and household items donated to local nonprofits. Savers provides training and support to its nonprofit partners, who in turn sell donated clothes and household goods to Savers. The purchased goods are then sold in Savers thrift stores throughout North America and Australia. To date, Savers has paid more than $1 billion directly to its nonprofit partners.
Also issued in connection with the senior secured facility was a mezzanine financing facility arranged by TCW/Crescent Mezzanine Management V, LLC.
The Milbank Leveraged Finance team, led by partner Marcus Dougherty included Ben Miles, Kate Fern and Spencer Pepper. Tax partner Bruce Kayle and associate Thallen Brassel provided tax advice. Tax partner Joel Krasnow and associate Nicole Leyton Rosser provided ERISA advice. Real Estate associate Erika DelDuca provided real estate advice. Corporate partner Matt Ahrens provided environmental advice. Litigation associates Bill McNamara and Nate Browand provided intellectual property advice.
