Gordon Brothers Agents $200M Term Loan for Big Lots
April 24 2024 - 9:00AM
Gordon Brothers, the global asset experts, has agented a $200
million delayed draw term loan for Big Lots Inc.
The U.S. home discount retailer of general merchandise will use
the loan’s delayed draw feature to execute on strategic initiatives
with the remaining amount to draw upon for available working
capital and flexibility as needed.
“Having established a working relationship with Big Lots over
the last few years, we combined our flexible financial structure
with our full suite of holistic services for a complete
solutions-driven package,” said Kyle C. Shonak, Senior Managing
Director, Transaction Team & Head of North America Lending at
Gordon Brothers. “We provide the capital and solutions to unlock
the future and enable businesses to execute on their short- and
long-term strategy.”
"The financing gives us additional flexibility as we continue
our turnaround strategy and focus on delivering extreme bargains
and unmistakable value to our customers,” said Jonathan
Ramsden, Executive Vice President and Chief Financial and
Administrative Officer at Big Lots.Gordon Brothers provides both
short- and long-term capital to clients undergoing transformation.
The firm lends against and invests in brands, real estate,
inventory, receivables, machinery, equipment and other assets, both
together and individually, to provide clients liquidity solutions
beyond its market-leading disposition and appraisal services.
Gordon Brothers partners with management teams, private equity
sponsors, strategic buyers and asset-based lenders globally to
provide its expertise and additional capital in special situations.
The firm’s tailor-made solutions provide clients additional capital
alongside traditional debt and equity, and its structures
complement senior asset-based lending facilities and include credit
and yield enhancements.
About Gordon BrothersSince 1903, Gordon Brothers
(www.gordonbrothers.com) has helped lenders, management teams,
advisors and investors move forward through change. The firm brings
a powerful combination of expertise and capital to clients,
developing customized solutions on an integrated or standalone
basis across four services areas: valuations, dispositions,
financing and investment. Whether to fuel growth or facilitate
strategic consolidation, Gordon Brothers partners with companies in
the retail, commercial and industrial sectors to provide maximum
liquidity, put assets to their highest and best use and mitigate
liabilities. The firm conducts more than $100 billion worth of
dispositions and appraisals annually and provides both short- and
long-term capital to clients undergoing transformation. Gordon
Brothers lends against and invests in brands, real estate,
inventory, receivables, machinery, equipment and other assets, both
together and individually, to provide clients liquidity solutions
beyond its market-leading disposition and appraisal services. The
firm is headquartered in Boston, with over 30 offices across five
continents.
About Big LotsHeadquartered in Columbus, Ohio, Big Lots,
Inc. (NYSE: BIG) is America's Discount Home Store, operating more
than 1,300 stores in 48 states, as well as an ecommerce store with
expanded fulfillment and delivery capabilities. The Company's
mission is to help customers "Live Big and Save Lots" by offering
bargains to brag about on everything for their home, including
furniture, décor, pantry essentials, kitchenware, pet supplies, and
more. For more information about the company or to find the store
nearest you, visit www.biglots.com.
Lauren Nadeau
Gordon Brothers
+1.617.422.6599
lnadeau@gordonbrothers.com