Item 1.01 Entry into a Material Definitive Agreement.
In connection with its previously disclosed intention to aggressively address underperforming stores, on July 31, 2024, Big Lots, Inc. (the "Company") and certain of its direct and indirect wholly-owned subsidiaries (together with the Company, "we," "us" or "our") entered into (1) the Second Amendment (the "ABL Amendment") to our $900 million five-year asset-based revolving credit facility (the "2022 Credit Agreement") and (2) Amendment No. 1 (the "Term Loan Amendment") to our $200 million "first in, last out" delayed draw term loan facility (the "Term Loan Facility"). The Company incurred customary fees and expenses in connection with its entry into these amendments.
The ABL Amendment amends the 2022 Credit Agreement to, among other things, (1) increase the number of permitted store closings from 150 to 315, (2) reduce the aggregate commitments under the 2022 Credit Agreement from $900 million to $800 million, (3) increase the interest rate applicable to borrowings under the 2022 Credit Agreement by 50 bps and (4) require the Company to deliver certain additional reports to the lenders.
The Term Loan Amendment amends the Term Loan Facility to, among other things, (1) increase the number of permitted store closings from 150 to 315, (2) require all additional borrowings under the Term Loan Facility to be made in accordance with the Approved Budget (as defined in the Term Loan Amendment) and (3) require the Company to deliver certain additional reports to the lenders.
Copies of the Second Amendment and the Term Loan Amendment are filed herewith as Exhibit 10.1 and Exhibit 10.2, respectively. The foregoing descriptions of the Second Amendment and the Term Loan Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of the Second Amendment and the Term Loan Amendment, as applicable, which are incorporated herein by reference.
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Big Lots Inc. published this content on 02 August 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2024 21:02:06 UTC.