Case Summary: Piggly Wiggly Holdings LLC

Piggly Wiggly Holdings LLC

$8.9 million term loan & $30.0 million revolver

Overview

Piggly Wiggly Holdings LLC is a regional grocery chain that owns and operates 69 units in South Carolina and Georgia.  It also franchises an additional 27 locations that are independently owned.  The Company is 100% owned by its ESOP. 

Challenge

In December 2010 Crystal was contacted by a senior lender who was helping Piggly Wiggly to refinance a term loan.

Solution

Crystal responded by providing a $8.9MM term loan collateralized with a first lien on M & E and R/E and a 2nd lien behind the existing lender on working capital assets.  In March 2012, Crystal was approached to provide the entire facility and financed the $30.0MM working capital revolver in addition to our term loan.  Collateral consisted of inventory, A/R, prescription files and M & E.  The Company has the benefit of maximum levels of availability to execute their business plan which includes a new advertising and branding campaign.