B. Riley organized a new five-year, $55 million domestic ABL facility, a new six-year, $70 million last-out domestic term loan, and a new six-year, $60 million international term loan.
Bank of America served as the administrative agent and the sole lender on the new $55 million domestic ABL facility. Funds managed by GSO Capital Partners provided financing for the new last-out domestic term loan and the new international term loan.
The refinancing provides additional working capital and extinguished the company’s existing domestic and international ABL facilities, as well as other third party debt.
Nashville, TN-based Gibson Brands manufactures electric guitars, acoustic instruments, audio products, and gear and accessories and Min-ETunetm, a compact battery-powered robot tuner that tunes guitar and delivers tunings.