Case Summary: True Religion

True Religion

$60,000,000 Senior Secured Credit Facility


Founded in 2002, True Religion is a lifestyle apparel brand with both wholesaler and omni channel retail distribution. Best known for its signature denim styles, the Company offers a broad assortment of denim, clothing and accessories for men, women and children. Products are available through over 100 retail locations, and department store as well as specialty retailers.


The Company sought a new financing partner who could provide more liquidity and flexibility to allow the Company to pursue its strategic objectives.


Crystal agented a $60,000,000 senior credit facility comprised of a $30,000,000 revolver and a $30,000,000 term loan secured by a first lien in all the Company’s working capital assets including foreign assets in addition to a second lien on the intellectual property and fixed assets. Proceeds from the transaction refinanced existing debt and will be used for ongoing working capital needs.