Playboy Enterprises Successfully Completes Debt Facility
LOS ANGELES, April 22, 2013 /PRNewswire/ -- Playboy Enterprises announced today that it has closed on its contemplated debt financing, consisting of a $185 million term loan and a $10 million revolver. This financing is designed to support the Company's growth after the take-private transaction in March 2011 and the subsequent restructuring and transition of the Company's business.
The financing was managed by Jefferies LLC and was upsized from a planned $175 million based on lender demand.
"We believe this new financing underscores investor confidence in our progress as we transform Playboy into a global lifestyle brand licensing company," said Scott Flanders, CEO of Playboy Enterprises. "The new facility strengthens our capital structure, adds to our working capital and enhances our flexibility to execute on our strategic plan. We greatly appreciate the support of our new lending group, including the significant number of original lenders who are participating in this facility. I also want to thank Jefferies for their outstanding work in completing this transaction."
About Playboy Enterprises, Inc.
Playboy is one of the most recognized and popular consumer brands in the world. Playboy Enterprises, Inc. is a media and lifestyle company that markets the brand through a wide range of media properties and licensing initiatives. The company publishes Playboy magazine in the United States and abroad, and creates content for distribution via television networks, websites, mobile platforms and radio. Through licensing agreements, the Playboy brand appears on a wide range of consumer products in more than 150 countries, as well as retail stores and entertainment venues. For more information, please visit: www.PlayboyEnterprises.com.
SOURCE Playboy Enterprises, Inc.