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Structured CreditApril 5, 2016

Super G Provides $1.25 Million Second Lien Seasonal Over-Advance to Complement Bibby’s ABL Facility

The Company:

A sponsor-backed company that formulates and distributes impression fragrances.

The Financing Situation:

The Company recently transitioned from a commercial bank lender to an asset based lender, Bibby Financial Services.  The Company required a seasonal-over-advance to build inventory and maintain vendor relationships in order to fulfill anticipated sales order growth for the holiday season.

The Solution:

Super G was able to get comfortable with the Company’s operating history, 2016 growth initiatives, management team and seasonal cash flow.  Underwriting and approval process of the 2nd lien loan took place quickly allowing Bibby to reduce its over-advance position and providing the Company with enough liquidity to meet immediate seasonal production demands.  Super G’s covenant light loan documents, cooperative process with existing senior lenders and rapid decision making allowed for an efficient and seamless closing.