PNC Bank closed a $900 million senior secured credit facility for Big Lots. PNC served as administrative agent for the facility and PNC Capital Markets served as joint lead arranger and joint bookrunner.
“Big Lots has been a long-time client of PNC and we are pleased to continue to support their business goals through strategic financial solutions,” Marc Price, senior vice president and group head of retail finance for PNC Business Credit, said. “We look forward to continuing to support the company with guidance on the financial strategies that can help to deliver deep and differentiated value to its customers through its broad and unique product assortment.”
The credit facility replaces Big Lots’ cash flow facility and will be used to provide funds for general corporate purposes and working capital needs. In addition to closing the credit facility, PNC also provides Big Lots with a suite of other bank products and services, including its treasury management services.
“The new credit facility provides our company with significant additional liquidity and financial flexibility as we continue to execute on Operation North Star, our long-term strategic value-creation plan,” Jonathan Ramsden, executive vice president, chief financial and administrative officer for Big Lots, said. “We are very appreciative of our long-standing partnership with PNC Bank, and the support of our bank group in executing this new facility.”