Big Lots Inks 3 Year, $500 Million Credit Revolver
April 30, 2009 (FinancialWire) — Retailer Big Lots, Inc. (NYSE: BIG) has signed a three-year revolving credit facility with a syndicate of 14 banks. The facility is unsecured and provides a $500 million committed credit line, replacing the prior $500 million credit facility that was set to expire in October.
The facility was arranged jointly by PNC Capital Markets (NYSE: PNC) and Wells Fargo Bank (NYSE: WFC).
Company treasurer Jared Poff said that Bog Lots’ six agent banks “stepped up in a big way each committing a minimum of $50 million.” He said that five banks are new to the revolver, and had committed a total of $140 million. Poff said that the new participants “filled a potential void created by the merger activity in the financial services industry over the last several months.”
Big Lots will use the new facility to fund working capital needs and for general corporate purposes.
Columbus, Ohio-based Big Lots is a broadline closeout retailer that operates 1,345 stores in 47 states. The company also sell merchandise via the internet and conducts wholesale operations through its Big Lots Wholesale, Consolidated International, and Wisconsin Toy units and online.
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