Pier 1 Imports is seeking bankruptcy court approval for a wind-down of its retail operations. The company’s DIP lenders, including Bank of America and Pathlight Capital, agreed to allow Pier 1 to overdraw the DIP facility by approximately $40 million to support continued operations.
Bank of America served as administrative agent and collateral agent for the $256 million DIP revolver for Pier 1 Imports. Pathlight served as agent for the DIP term loan.
Pier 1 Imports (U.S.)has completed an amendment of its $350 million ABL revolver and successfully syndicated and closed its previously announced $200 million term loan B. The lender groups were led by Bank of America as administrative agent.