Pathlight Capital Agents $180m Senior Secured Credit Facility For Christmas Tree Shops Acquisition

November 18, 2020

Source: PR Newswire

Pathlight Capital LP ("Pathlight") announced it is serving as the Administrative Agent on the recently funded $180 million Senior Secured Credit Facility for Christmas Tree Shops ("CTS" or the "Company"), a brick-and-mortar discount retailer with a focus on seasonal products at a value price point.

The $180 million Facility, which was completed and funded on November 12, 2020, will be used to finance the acquisition of CTS by Handil Holdings, LLC and provide additional liquidity for ongoing working capital needs.

"Handil Holdings is pleased to be working with Pathlight in our acquisition of the Christmas Tree Shops.  The Pathlight team has worked closely with us to develop a credit facility with the goal of ensuring liquidity for the continued success of the business.  The Facility enables the company to execute on new initiatives, secure key merchandise expansion and provides the necessary capital for technology upgrades that will support its growth," said Marc Salkovitz, Executive Chairman of Handil Holdings, LLC.

David Helmes, Managing Director of Pathlight added, "Marc and his team have a compelling vision for the future success of Christmas Tree Shops.  We are excited to be involved in the continuing evolution of the Company and we look forward to working with Marc and the entire CTS management team."

About Pathlight Capital

Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans secured on a first or second lien basis against tangible and intangible assets. Pathlight provides creative financing solutions to allow management teams to access incremental liquidity for the purposes of funding working capital, debt refinancings, growth, acquisitions, dividends and turnaround strategies. For more information, please visit www.pathlightcapital.com.

About Handil Holdings, LLC and Christmas Tree Shops

Handil Holdings, LLC (HH) was founded to acquire and operate retail ventures and is led by retail veteran Pam Salkovitz and entrepreneur Marc Salkovitz.

Christmas Tree Shops is a brick and mortar off-price retailer that sells home goods with a specialty focus on seasonal product. The 50-year-old company has a rich history in the Northeast, especially in Massachusetts, where its first store opened on Cape Cod. Christmas Tree Shops enjoys a legacy of offering trend-right and ever-changing selections to its customers.  Christmas Tree Shops currently operates 80 stores in 20 states and under the banners of Christmas Tree Shops, Christmas Tree Shops andThat! or andThat!

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