Wells Fargo Capital Finance provides $140 million to Brookstone
[Santa Monica, Calif., February 6, 2012] – The Retail Finance and Retail Junior Capital teams at Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), recently provided Brookstone $140 million in financing, which will be used to refinance existing debt from another lender and for general working capital purposes. The financing package includes a $100 million revolver and a $25 million committed accordion facility, as well as a $15 million senior secured term loan.
Founded in 1965 and headquartered in Merrimack, NH, Brookstone is a multichannel lifestyle specialty retailer and product development company offering an assortment of consumer products that are functional in purpose, distinctive in quality and design, and not widely available from other retailers.
"In selecting a bank to lead our new credit facilities, we determined that Wells Fargo Capital Finance was best suited to manage and execute the transaction." said Tom Moynihan, vice president and chief financial officer of Brookstone. "We appreciate the creativity and support we received from the Retail Finance and Retail Junior Capital teams at Wells Fargo Capital Finance in both implementing the new facilities and assisting with moving all treasury management to Wells Fargo bank. The team took the time to understand our needs when structuring the new facility, and we look forward to a mutually beneficial relationship for years to come."
"We are happy to enter into this new financing relationship with Brookstone and its senior management team," said Keith Vercauteren, head of the Retail Finance division of Wells Fargo Capital Finance. "This is a win for both sides. With this new relationship, we are extremely fortunate to add a company with a reputation as high caliber as Brookstone's, and Brookstone was able to obtain a one-stop solution to their capital needs. We look forward to a long and successful working relationship with Brookstone."
"The senior management team at Brookstone approached us with a unique financing request that required a lender with retail expertise and product breadth," said Adam Salter, managing director of the Retail Junior Capital division at Wells Fargo Capital Finance. "Wells Fargo Capital Finance was a natural fit. Because Retail Junior Capital's term loan product complements the Retail Finance product so well, we were able to customize a comprehensive financing program that allowed the company to satisfy their financing needs through only one financial institution."
About Brookstone
Brookstone is a multichannel lifestyle specialty retailer and product development company. Brookstone operates 300 stores nationwide and in Puerto Rico. Typically located in high-traffic regional shopping malls and airports, the stores feature unique and innovative consumer products. The Company also operates an e-commerce business that includes the Brookstone catalog and Brookstone.com. Fans of the Company are encouraged to Like Brookstone on Facebook or follow them on Twitter.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and Canada. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
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