Great American Capital Partners and KKR Credit Advisors act as Joint Lead Arrangers for C$300 Million Term Loan to Sears Cana...
April 19 2017 - 9:00AM
Great American Capital Partners, LLC (GACP) and KKR Capital Markets
LLC announced that they have entered into an agreement with Sears
Canada, Inc. (TSX:SCC) to provide a C$300 million senior secured
term loan. The first tranche of C$125 million was drawn at closing
and the second delayed draw tranche is up to C$175 million.
Proceeds from the loan will be used for general corporate purposes.
GACP is a wholly owned subsidiary of B. Riley Financial
(NASDAQ:RILY).
Sears Canada Inc. operates over 200 stores under five different
banners, including Full-line Stores, Outlet Stores, Home Stores,
Hometown Stores and Corbeil Stores. The Toronto-based department
store chain sells apparel, appliances, home décor products and
various other goods.
"GACP is pleased to work with Sears Canada and provide it the
capital to achieve its operating plan,” said Robert Louzan,
Managing Director of GACP. “This transaction is another example of
GACP’s ability to provide creative solutions to the challenging
retail environment.”
“Sears Canada is a longstanding brand with a household name. We
are pleased to support the company’s reinvention and its focus on
offering Canadian consumers a variety of shopping options to meet
their needs,” said George Mueller, Director, KKR Credit
Advisors.
“We are pleased to have the support of GACP and KKR as Joint
Lead Arrangers,” said Brandon G. Stranzl, Executive Chairman, Sears
Canada Inc. “Sears Canada’s reinvention is well underway and we
look forward to sharing our progress on new initiatives with
Canadians as we move through 2017.”
About Great American Capital Partners, LLC
GACP, a division of B. Riley Capital Management, an SEC
Registered Investment Advisor and a wholly owned subsidiary
of B. Riley Financial, Inc. (NASDAQ:RILY), originates and
underwrites senior secured loans across a wide array of industries.
GACP is dedicated to providing opportunistic and responsive capital
to the underserved middle market.
B. Riley Financial, Inc. is a publicly traded, diversified
financial services company which takes a collaborative approach to
the capital raising and financial advisory needs of public and
private companies and high net worth individuals.
Contact
John Ahn
jahn@gacapitalpartners.com
(310) 689-2215
Robert Louzan
rlouzan@gacapitalpartners.com
(203) 663-5101
B Riley Financial (NASDAQ:RILY)
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