Blank Rome Represents The Children’s Place, Inc. in Obtaining Unsecured Term Loans and Restructuring Its ABL Credit Facility
Blank Rome represented The Children’s Place, Inc. (the “Company”), a publicly traded omni-channel children’s specialty retailer and portfolio of brands, in securing $168,600,000 of unsecured and subordinated term loans, with an additional commitment of up to $40,000,000, from its majority shareholder, Mithaq Capital SPC, a decentralized family office headquartered in Saudi Arabia (the “Mithaq Facility”). In connection with the various tranches of term loans funded under the Mithaq Facility, Blank Rome counseled the Company with respect to a substantial amendment of the Company’s existing $433,000,000 syndicated asset-based loan (“ABL”) credit facility agented by Wells Fargo Bank, National Association (the “ABL Facility”), which included, among other things, the repayment of the Company’s outstanding $50,000,000 term loan under the ABL Facility, the repayment of outstanding debt to vendors and service providers, and the waiver of certain events of default resulting from Mithaq Capital SPC’s acquisition of more than 50 percent of the Company’s outstanding shares of common stock and replacement of the Company’s board of directors.
For more information on the Mithaq share purchase, the Mithaq Facility and the ABL Facility, please read the press releases:
- The Children’s Place Provides Shareholder Update
- The Children's Place Announces $78.6 Million of Interest-Free Unsecured New Financing to be Provided by Mithaq Capital and the Appointment of Four New Directors
- The Children's Place Announces Receipt of the $48.6 Million Second Tranche of the Previously Announced Interest-Free Unsecured Financing Provided by Mithaq Capital
- The Children’s Place Announces $90 Million in New Unsecured Financing Provided by Majority Shareholder Mithaq Capital
The core Blank Rome team was led by Harris Diamond and Tyler Mullen and included substantial efforts from Dana Mallon and Jean-Claire Perini, along with valuable support from Mitchell Brand, Kevin Baum, Scott Smith, David Perry, and Kareem Ansley, among others.