$17 million Senior Secured Credit Facility
Body Central Corp. (“Body Central” or the “Company”), founded in 1972 and headquartered in Jacksonville, FL, is a multi-channel, specialty retailer offering on-trend, quality apparel and accessories at value prices. Body Central operates 294 stores as well as a direct business comprised of the Body Central catalog and e-commerce website at www.bodyc.com.
After going public in 2010 and experiencing strong sales, the Company encountered some performance softness due to a merchandising strategy that strayed from their core customer. The new CEO and management team sought a new capital provider who could provide a larger and more flexible facility to allow the Company to implement merchandising, marketing and operational initiatives designed to drive growth.
SLR Credit Solutions provided a $17.0 million commitment consisting of a revolver and term loan. Proceeds were used to refinance existing debt and provide increased liquidity.
Body Central needed a larger and more flexible credit facility in order to move forward with our key initiatives designed to drive top line sales and enhance profitability. SLR Credit Solutions jumped right in with a laser focus understanding both our business and financing needs. The deal was funded in a very short timeframe and we are delighted to have such a supportive financing partner
—Tom Stoltz, Chief Operating Officer and Chief Financial Officer