CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as agent on a $65 million revolving credit facility for Everlane, Inc., a leading retailer of sustainable apparel, accessories and footwear in the U.S. 

Founded in 2011 and based in San Francisco, Everlane aims to deliver high-quality and ethically sourced items at affordable price points. The company sells products primarily through its e-commerce website, as well as its 10 retail stores in New York, Massachusetts, Texas, Washington, California, District of Columbia and Pennsylvania.

In the course of two weeks, SG Credit Partners (formerly Super G) went from first phone call to closing a complicated split-lien deal with a major bank ABL group. When you tell someone “we just closed another multi-lender transaction in less than two weeks,” the level of complexity, determination, and teamwork required to accomplish such a task, is rarely understood. This transaction provided a pay down to the senior lender, provided for critical payments to vendors and created liquidity for the company’s investment bank to run a refinancing process. Like most special-situation transactions, the initial loan was just the start, not the end. This Anatomy of a Deal will attempt to highlight the role of a non-bank credit fund, SG Credit Partners, partnering with conforming ABL.