Crystal Financial Provides $27,500,000 Emergence Facility for True Religion Apparel, Inc.

BOSTON–(BUSINESS WIRE)–Crystal Financial LLC announced the closing of a $27,500,000 Senior Credit Facility for True Religion Apparel, Inc. (“True Religion” or “the Company”). Founded in 2002, True Religion is a lifestyle apparel brand which aims to deliver an exclusive assortment of unique designs to its customer base. Known for its signature styling, the Company focuses on producing high quality premium denim and sportswear for men, women, and children. True Religion’s products are sold at the Company’s retail stores,, department stores, and at specialty retailers globally.

Proceeds from the transaction were used to finance True Religion’s emergence from Chapter 11 on October 19, 2020 under a court-approved plan of reorganization and will provide ongoing working capital for the Company’s growth plans over the next several years.

“Collaboration with our lender, Crystal Financial, throughout the bankruptcy case was a critical component of our successful reorganization,” said Michael Buckley, CEO of True Religion. “Michael Russell and the Crystal team worked tirelessly throughout the process to ensure that we had the necessary capital structure to support our go forward operations. We are grateful for the tremendous support from Crystal, without whose partnership and belief in True Religion’s prospects we would not be embarking on this exciting next chapter in the Company’s journey.”

Michael Russell, Director of Crystal Financial added, “Crystal is thrilled to continue our partnership with True Religion. Despite unprecedented operating conditions, Michael Buckley and his team executed upon strategic initiatives that have positioned the Company for long-term success. We are incredibly excited to play a role in the growth and evolution of this iconic brand.”

About Crystal Financial LLC

Crystal Financial LLC, a portfolio company of Solar Capital Ltd., is a leading provider of direct private credit focused on originating, underwriting, and managing both asset-based and cash flow financings to middle-market companies. Since inception in 2006, its team of experienced, responsive professionals have provided more than $4 billion in secured debt commitments across a wide range of industries. For more information please visit

About True Religion Apparel, Inc.

In 2002, True Religion emerged onto the Los Angeles denim scene by blowing up the construction of the classic five-pocket jean. With its five-needle thread at two-stitch-per-inch process, the True Religion Super T stitch was instantly recognized for style that was unlike any other denim brand in the world. True Religion speaks to the uniqueness found in all of us. The brand is worn by athletes, musicians, and artists globally to express their individual style. Delivering an exclusive assortment of iconic styles, True Religion Brand Jeans focuses on producing high quality premium denim and sportswear for men, women, and kids.


Cheryl Carner, Senior Managing Director & Head of Originations


Kaitlin Ward

(323) 266-3072 ext. 432

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