Akin Gump Advises rue21 in Debt Retirement, Credit Agreement Extension
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(New York) – Specialty retailer rue21 (r21 Holdings, Inc.) announced that its strong financial position has enabled it to refinance its existing term loan, increase available liquidity and lower its cost of capital. rue21 amended its asset based credit facility to increase availability to $155 million due 2025 led by Bank of America, N.A. A team from Akin Gump advised rue21 in the transaction.
The amendment includes an increase to the FILO loan through a joint partnership with Bank of America and Tiger Finance. Total liquidity now exceeds $100 million.
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The Akin Gump team advising rue21 was led by Dan Fisher, leader of the firm’s integrated special situations group, and debt finance partner Scott Welkis.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East. Founded in 1945, the firm is proudly celebrating its 75th anniversary in 2020. #AkinGump75
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