Gordon Brothers, the global asset experts, agented a $150 million debtor-in-possession (DIP) term loan for Big Lots. The U.S. closeout retailer will use the DIP loan during ongoing chapter 11 bankruptcy proceedings to support the going-concern sale and stalking horse bid.
“Having established a working relationship with Big Lots over the last few years, and having previously provided a $200 million delayed draw term loan, we continue to provide a full suite of holistic services for a complete solutions-driven package,” Kyle C. Shonak, senior managing director, transaction team & head of North America lending at Gordon Brothers, said. “As the liquidation agent for the non-go forward store closures, distribution centers and the furniture, fixtures and equipment, we’ll continue to support the company during the sale process.”
