Big Lots Announces Execution Of $318M Sale And Leaseback Agreement For Distribution Center And 26 Owned Store Locations; Closing Expected Within 30 To 45 Days
Portfolio Pulse from Happy Mohamed
Big Lots, Inc. (NYSE:BIG) has entered into a $318M sale and leaseback agreement with Blue Owl Capital for its distribution center in Apple Valley, CA, and 26 owned store locations. The transaction is expected to close within 45 days. The company plans to use the net proceeds to pay down its synthetic lease on the Apple Valley distribution center and to pay down debt on its asset-based lending revolving credit facility.
July 05, 2023 | 12:11 pm
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Big Lots' sale and leaseback agreement with Blue Owl Capital could improve its liquidity and reduce its debt, potentially strengthening its financial position.
The sale and leaseback agreement will provide Big Lots with significant liquidity, which the company plans to use to pay down its synthetic lease and debt on its asset-based lending revolving credit facility. This could improve the company's financial health and potentially make it more attractive to investors.
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