Case Summary: Frontier Spinning Mills

Frontier Spinning Mills

$22.5 million first lien term loan

Overview

Founded in 1996, Frontier Spinning Mills Inc., is the second largest provider of cotton and cotton polyester blend yarns in the U.S. The Company operates 5 manufacturing facilities and its major customers are domestic manufacturers of basic t-shirts, underwear and socks.

Challenge

The Company, an affiliate of Sun Capital Partners, Inc., was in the process of being sold to American Securities, and American Securities was seeking debt financing to pay for a portion of the purchase price.  

Solution

Crystal, in partnership with the Company's existing lenders, provided a $22.5 million commitment in the $80 million first lien term loan.  The term loan has a first lien on all assets, excluding the Company's inventory and A/R which secures the revolving facility.