Orchard Brands to get new credit facility for buyout by Capmark

By Sara Rosenberg

New York, May 28 – Orchard Brands Corp. plans on getting a new credit facility to help fund its purchase by Capmark Financial Group Inc., according to a news release.

The credit facility is expected to include an asset-based lending facility and term debt.

Other funds for the transaction will come from cash on hand.

Under the agreement, Orchard Brands is being bought for $410 million in cash, subject to various pre- and post-closing adjustments.

Closing is expected in the third quarter, subject to customary conditions, including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and completion of transaction financing.

Goldman Sachs is the financial adviser for Orchard, and Morgan Stanley & Co. LLC is the financial adviser for Capmark.

Orchard Brands is a multichannel retailer of apparel and home products focused on serving women and men above the age of 50.

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