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Gordon Brothers and J.P. Morgan Provide Myer US$153.6MM Asset-Based Lending Facility

November 29, 2021, 07:58 AM
Filed Under: Retail

Gordon Brothers and J.P. Morgan have agreed to provide Myer a A$215 million (US$153.6MM), 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.

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