Yahoo Finance Gordon Brothers and J.P. Morgan Provide Myer $215M Asset-Based Lending Facility
Sydney, Nov. 28, 2021 (GLOBE NEWSWIRE) -- Gordon Brothers, the global advisory, restructuring and investment firm, and J.P. Morgan have agreed to provide Myer a A$215 million, four-year asset-based lending facility to refinance its existing credit facilities, support strategic initiatives and provide day-to-day liquidity.
“We are thrilled to provide this iconic retailer with an asset-based facility,” said Tim Stewart, Head of Australia at Gordon Brothers. “This unique loan structure increases flexibility allowing for the implementation of growth strategies without overreaching restrictions.”
“Partnering with Gordon Brothers and J.P. Morgan has allowed us to secure liquidity to invest in growth opportunities and maximise our financial flexibility in the most efficient manner for shareholders,” said Nigel Chadwick, Chief Financial Officer at Myer. “We couldn’t have achieved this outcome without Gordon Brothers’ in-house expertise and holistic services in collaboration with our funding partners.”
In addition to arranging the financing, Gordon Brothers provided the asset valuations. Going forward, the firm will serve as the syndicate approved valuer and joint collateral monitoring agent in partnership with J.P. Morgan.
Gordon Brothers provides both short- and long-term capital to clients undergoing transformation beyond traditional asset-based lending.
Gordon Brothers works in close partnership with and behind senior secured lenders to complement their financing. The firm underwrites structures by putting capital behind its valuations, and each capital solution is crafted on a deal-specific basis with consideration of borrowers’ needs and in support of their goals.
Please contact Tim Stewart at tstewart@gordonbrothers.com for more information.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, operations and investments. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to put assets to their highest and best use. Gordon Brothers conducts more than $70 billion worth of dispositions and appraisals annually. Gordon Brothers is headquartered in Boston, with over 30 offices across five continents.
About Myer
Myer is one of Australia’s largest retailer with a focus on placing customers first in every decision we make and every action we take. Myer operates 59 department stores across Australia. With our 11,000+ team members and 5 million loyal MyerOne members, we are committed to being Australia’s favourite department store: providing friendly, helpful service; high quality and exclusive brands; and offering compelling value.
Myer’s merchandise offer includes core product categories: Womenswear; Menswear; Childrenswear; Beauty; Homewares; Electrical Goods; Toys; and General Merchandise.
CONTACT: Lauren Nadeau Gordon Brothers 1-617-422-6599 lnadeau@gordonbrothers.com
