Great American, KKR Arranges Credit for Sears CanadaWednesday, April 19, 2017
Great American Capital Partners, a subsidiary of B. Riley Financial Inc. in Woodland Hills, and KKR Capital Markets have agreed to provide a secured loan to Sears Canada for about $220 million.
The first tranche of the loan for 125 million Canadian dollars, equivalent to about $93 million, was drawn when the agreement was signed. The money will be used for general corporate purposes.
Toronto-based Sears Canada Inc. operates more than 200 stores under five different brands, including Full-line Stores, Outlet Stores, Home Stores, Hometown Stores and Corbeil Stores.
Great American and KKR, the investment firm run by Chief Executive Henry Kravitz in New York, will work as lead arrangers to find investors.
This transaction is another example of GACP’s ability to provide creative solutions to the challenging retail environment,” Robert Louzan, managing director of Great American, said in a statement.