Gordon Brothers and J.P. Morgan agreed to provide a A$215 million ($153.6 million), four-year asset-based lending facility to Myer to refinance its existing credit facilities, support strategic initiatives and provide day-to-day liquidity.

“We are thrilled to provide this iconic retailer with an asset-based facility,” Tim Stewart, head of Australia at Gordon Brothers, said. “This unique loan structure increases flexibility, allowing for the implementation of growth strategies without overreaching restrictions.”

“Partnering with Gordon Brothers and J.P. Morgan has allowed us to secure liquidity to invest in growth opportunities and maximize our financial flexibility in the most efficient manner for shareholders,” Nigel Chadwick, CFO of Myer, said. “We couldn’t have achieved this outcome without Gordon Brothers’ in-house expertise and holistic services in collaboration with our funding partners.”

In addition to arranging the financing, Gordon Brothers provided asset valuations. Going forward, the firm will serve as the syndicate approved valuer and joint collateral monitoring agent in partnership with J.P. Morgan.