trending Market Intelligence /marketintelligence/en/news-insights/trending/JGPy5fKJTYR2FqRWHnK-0w2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

Report: Leonard Green & Partners, TPG could exit US thrift-store chain Savers

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible

Report: Leonard Green & Partners, TPG could exit US thrift-store chain Savers

Ares Management Corp. and Crescent Capital Group LP are set to take control of Bellevue, Wash.-based for-profit thrift-store chain Savers LLC, Bloomberg News reported, citing people familiar with the matter.

Current private equity owners Leonard Green & Partners LP and TPG Capital Management LP, which bought Savers in 2012, will exit the retailer in a restructuring agreement whereby Ares and KKR & Co. will support about $590 million of funded debt, including a $540 million first-lien loan, the sources said.

The plan includes Ares potentially financing a $50 million second-lien loan and a new revolver, the sources said. Crescent, which owns a majority of the unsecured notes, is expected to exchange those for a 7.5% stake in Savers, paying off loans from existing first-lien lenders, they added.

According to the people, Ares and Crescent will inject $165 million in cash into the company and will co-own a controlling stake in the reorganized company. Savers intends to close the deal out of court within the next two weeks and is ready to file for bankruptcy protection after securing a creditor support agreement. However, the bankruptcy protection route will include a $40 million debtor-in-possession loan, they added.

Savers is said to be in the process of ironing out the details of its negotiations and that plans might change depending on the result of those discussions. Bloomberg quoted Savers as saying in an emailed statement that the company is "exploring various options to strengthen our balance sheet and accelerate our growth."

Representatives for KKR and TPG did not comment, while Leonard Green, Ares and Crescent were not immediately available for comments.

The retailer is working with Latham & Watkins LLP and Moelis & Co. on the plans, according to Bloomberg.