Pure Fishing Inc., the owner of the Abu Garcia, Berkley, DAM, Fenwick, Fin-Nor, Frabill, Greys, Hardy, Hodgman, Johnson, JRC, Madcat, Mitchell, Penn, Pflueger, Plano, Prologic, Savage Gear, Shakespeare, SpiderWire, Stren, Ugly Stik, and Van Staal brands, and a portfolio company of Sycamore Partners, has closed on a refinancing transaction of its outstanding debt.
As part of this transaction, Pure Fishing entered into a new five-year, $750 million first lien credit facility with a consortium of lenders including Monarch Alternative Capital LP and Silver Point Finance as co-lead lenders. The proceeds of the new debt financing are being used to repay the company’scompany’s existing term and asset-backed loans in full.
The transaction reportedly provides Pure Fishing with additional long-term capital as it continues its growth trajectory.
“Pure Fishing is the No. 1 player with the best collection of brands in the industry. We are pleased with the successful completion of this transaction, which fully addresses our debt maturities and further strengthens our financial position,” said company CEO Dave Allen. “We look forward to continuing to grow our iconic brands, drive innovation, and execute on our strategic plan.”
Lazard, Inc. served as Pure Fishing’s sole financial advisor, and Kirkland & Ellis LLP was its legal advisor. Milbank LLP was the lenders’ legal advisor.
Image courtesy Shakespeare
