Investment bank B. Riley & Co., a subsidiary of B. Riley Financial Inc. of Woodland Hills, on Tuesday announced the closing of a refinancing transaction for Gibson Brands Inc.
The refinancing affords the Nashville musical instrument maker additional working capital and eliminates the company’s existing domestic and international asset-based lending facilities, among others.
B. Riley acted as financial advisor to Gibson and organized a five-year, $55 million domestic asset-based lending facility; a six-year, $70 million last-out domestic term loan; as well as a six-year, $60 million international term loan – totaling $185 million in refinanced debt.
Charlotte, N.C.-based Bank of America Corp. provided the $55 million loan, while GSO Capital Partners of New York financed the two remaining debts.
B. Riley shares closed down 10 cents, or less than a percent, to $15.40 on the Nasdaq.