Maurices Announces Successful Refinancing and Expanded Lending Partnership

Maurices refinances its debt with an expanded lender group to cut borrowing costs, extend maturities and support its stated growth strategy.

Rhea-AI Summary

Maurices has completed a refinancing transaction that extends its debt maturities and lowers borrowing costs, expanding and deepening its lending relationships.

The women's fashion retailer strengthened its capital structure by enlarging its existing partnerships with Wingspire Capital and Tiger Finance and adding Second Avenue Capital Partners to its lender group. The company expects the new facilities to enhance financial flexibility and support its long-term growth strategy and ongoing business turnaround. Wingspire, Tiger Finance and Second Avenue leaders each cited continued confidence in Maurices' business and management team. Houlihan Lokey's Capital Solutions Group served as exclusive placement agent, while Orbin & Company also advised Maurices on arranging, structuring, and negotiating the financing.

Positive

• Refinancing extends Maurices’ debt maturities, reducing near-term refinancing pressure
• New facilities are expected to lower Maurices’ borrowing costs and improve cash flexibility
• Expanded lender group, adding Second Avenue Capital Partners alongside Wingspire and Tiger, diversifies funding sources
• Lenders publicly affirm confidence in Maurices’ turnaround, business performance, and leadership team

Negative

• None.

Argus Sep 9 session

-0.18% close to close Open Argus

Details

News Market Reaction – OBDC

In the Sep 9 session, OBDC declined 0.18%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

OBDC's -2.02% pre-publication price change preceded an announcement involving Wingspire, identified ...

Analysis

OBDC's -2.02% pre-publication price change preceded an announcement involving Wingspire, identified as an OBDC portfolio company; the release described Maurices' refinancing and added Second Avenue to its lending relationship.

Key Terms

filo term loan facility, asset-based loans, first-lien, second-lien, +1 more

5 terms

filo term loan facility financial

"welcome Second Avenue Capital Partners to the upsized FILO term loan facility."

A FILO term loan facility is a subordinate, term-style loan that sits behind a senior asset-based revolving credit line but uses the same pool of collateral; FILO stands for “first-in, last-out,” reflecting that this lender’s advance is added after others and is repaid after the senior facility’s availability is exhausted. It matters to investors because it alters the company’s repayment order and recovery prospects, carries higher interest and tighter terms, and therefore affects credit risk, leverage and the relative position of debt versus equity—picture a junior partner sharing the same pledged assets but getting paid only after the senior partner.

asset-based loans financial

"specializes in asset-based loans for the broader retail and consumer products industry."

A loan that is backed by a company’s tangible assets—such as inventory, accounts receivable, or equipment—which the lender can seize or sell if the borrower defaults. For investors, asset-based loans signal how a company finances day-to-day operations and the quality of its balance sheet: they often provide easier access to cash but can indicate higher credit risk if the lender relies heavily on asset values to secure repayment, similar to borrowing against valuables at a pawnshop.

first-lien financial

"include first-lien, second-lien, and split-lien facilities"

A first-lien is a lender’s legal claim on specific collateral that takes priority over other claims if a borrower defaults. It matters to investors because first-lien status increases the likelihood of recovering principal from the sale of the pledged assets, reducing credit risk and often leading to lower interest rates than subordinated loans. Think of it like being first in line at a bakery: you get served before others if there’s only a limited supply.

second-lien financial

"include first-lien, second-lien, and split-lien facilities"

A second-lien is a secured loan that uses specific assets as collateral but ranks behind a first-lien lender for repayment if the borrower defaults. Think of it like a second mortgage on a house: the first lender gets paid from the sale proceeds first, and the second-lien lender gets whatever is left. It matters to investors because second-lien debt carries more risk and typically higher interest, affecting expected recovery, pricing and the relative safety of other claims and equity.

split-lien facilities financial

"include first-lien, second-lien, and split-lien facilities"

A split-lien facility is a credit arrangement in which lenders share security over a borrower’s assets but hold different slices of the collateral or different priority claims—for example, one lender gets a senior claim on certain assets while another gets a junior claim or a first claim on other assets. It matters to investors because lien position determines who gets paid first and how much can be recovered if the borrower defaults, so split liens change relative risk and potential recovery in a restructuring.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DULUTH, Minn., Sept. 9, 2026 /PRNewswire/ -- Maurices, a leading women's fashion retailer, today announced the successful completion of a refinancing transaction. 

The transaction expands Maurices' longstanding relationship with lending partners Wingspire Capital and Tiger Finance and welcomes Second Avenue Capital Partners to the financing relationship.  This transaction strengthens the company's capital structure through extended maturities and lower borrowing costs. The refinancing is expected to enhance financial flexibility while supporting the company's long-term strategic objectives.

"This refinancing represents an important milestone for Maurices attributable to the success of our business turnaround and strong team.  It further reflects the confidence our lending partners have in our business, our performance, and our future," said Brent Hickman, Chief Operating Officer of Maurices. "As we approach our 96th year of serving customers, this strengthened capital structure provides greater flexibility to invest in the business, continue executing our growth strategy, and serve our customers for years to come. We are grateful for the continued partnership and support of Wingspire, Tiger, and Second Avenue, and we look forward to building on these relationships in the future."

"Wingspire has been proud to support maurices for a number of years, and we're thrilled to extend that relationship through this refinancing. It reflects our continued confidence in the business and its leadership team, and we look forward to supporting the company's continued growth alongside Tiger and Second Avenue," said David Wisen, Founder and CEO of Wingspire Capital.

"Tiger is pleased to continue its partnership with Maurices and to welcome Second Avenue Capital Partners to the upsized FILO term loan facility.  Together with Wingspire, we are excited to provide the capital and flexibility that will allow the Company to execute on its long-term strategy," said Andy Babcock, Senior Managing Director of Tiger Finance.

Maurices was advised by Houlihan Lokey's Capital Solutions Group, which served as exclusive placement agent and assisted the company in arranging, structuring, and negotiating the financing.

Orbin & Company, LLC also served as an advisor to Maurices.

About maurices

Founded in 1931 and headquartered in Duluth, Minnesota, maurices is a leading women's fashion retailer dedicated to inspiring women to look and feel their best. With more than 800 stores across the United States and Canada and a growing digital business at maurices.com, maurices offers size-inclusive fashion, exceptional service, and a personalized shopping experience rooted in its hometown values.

About Wingspire Capital

Wingspire Capital offers one-stop solutions of up to $200 million for middle market companies, including revolving lines of credit, asset-backed term loans, first-out revolvers & term loans, equipment loans and leases, sale lease-backs, and lender finance.

Wingspire Capital is a portfolio company of Blue Owl Capital Corporation (NYSE: OBDC). OBDC is externally managed by Blue Owl Credit Advisors LLC, an indirect affiliate of Blue Owl Capital, Inc. (NYSE: OWL). Blue Owl Capital, Inc. is a global alternative asset manager with over $319 billion of assets under management as of June 30, 2026. For further information about Wingspire Capital, visit www.wingspirecapital.com.

About Second Avenue Capital Partners 

Second Avenue Capital Partners, LLC, a Schottenstein affiliate, specializes in asset-based loans for the broader retail and consumer products industry. Serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to deliver customized capital solutions. A unique merchant perspective allows SACP to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm's tailored financial solutions are a vital resource for clients seeking capital to effectuate strategy and achieve financial objectives. Learn more at sacp.com.

About Tiger Finance

Tiger Finance relies on deep asset knowledge to meet the complex capital needs of borrowers from across industries. The secured lending platform unlocks the strategic value of assets such as working capital, machinery and equipment (M&E), fixtures, real estate, and intellectual property (IP). Its intelligent capital solutions for middle-market companies include first-lien, second-lien, and split-lien facilities, typically structured as term debt. Tiger Finance is a division of Tiger Capital Group, which specializes in the provision of secured debt financing and equity investments, as well as comprehensive appraisals for the ABL industry and the disposition of consumer and industrial assets.

View original content to download multimedia:https://www.prnewswire.com/news-releases/maurices-announces-successful-refinancing-and-expanded-lending-partnership-302874248.html

SOURCE maurices

FAQ

Which lenders are involved in Maurices’ new financing and how has the group changed?

The refinancing enlarges Maurices’ existing relationships with Wingspire Capital and Tiger Finance and brings in Second Avenue Capital Partners as a new participant. Tiger Finance noted that Second Avenue Capital Partners is joining an upsized FILO (first-in, last-out) term loan facility, and Wingspire continues as a key capital provider.

Who advised Maurices on the refinancing transaction?

Houlihan Lokey’s Capital Solutions Group acted as exclusive placement agent, assisting Maurices in arranging, structuring, and negotiating the financing. Orbin & Company, LLC also served as an advisor to Maurices on the transaction.

How is Wingspire Capital connected to Blue Owl (OBDC, OWL)?

Wingspire Capital is a portfolio company of Blue Owl Capital Corporation (OBDC). OBDC is externally managed by Blue Owl Credit Advisors LLC, an indirect affiliate of Blue Owl Capital, Inc. (OWL), which is described as a global alternative asset manager with over $319 billion of assets under management as of June 30, 2026.

What does Maurices say this new capital structure will allow it to do?

Maurices’ Chief Operating Officer said the strengthened capital structure provides greater flexibility to invest in the business, continue executing its growth strategy, and keep serving customers as the company approaches its 96th year. Management attributes the refinancing to the success of its business turnaround and its team.