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Gordon Brothers Agents FILO Loant Facility for Kirkland’s

January 29, 2024, 08:00 AM
Filed Under: Retail

Kirkland's, a specialty retailer of home décor and furnishings, entered into a supplemental credit facility on January 25, 2024, which will increase its available credit by up to $12 million.

To support its strategic repositioning efforts, Kirkland's Home secured additional debt financing through a new first-in last-out, asset-based, delayed-draw term loan facility. The new facility is in addition to the Company's existing $90 million asset-based revolving credit facility. Proceeds from the new facility, when drawn, will be used to provide additional liquidity for ongoing working capital needs. As of closing, the Company's combined credit availability under both credit agreements was approximately $21.5 million.

According to an SEC 8K filing, Gordon Brothers Group, via an affiliate entity (1903P Loan Agent LLC) is the administrative agent and lender for the the FILO Loan. Also on January 25, 2024, the Company entered into an amendment with Bank of America to its Existing Credit Facility to permit the FILO Loan.

Kirkland's Home CFO Mike Madden commented on the new facility, "As we move into 2024, we are pleased to have access to additional capital to further bolster our liquidity position. The additional capital provides us with sufficient room to continue executing our strategic repositioning, while giving us the ability to accelerate components of our strategy aimed at returning the Company to historical levels of performance."

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