Sydney, November 28, 2021 (GLOBE NEWSWIRE) – Gordon Brothers, the global advisory, restructuring and investment firm, and JP Morgan have agreed to provide Myer with a four-year A $ 215 million loan facility to refinance its credit facilities, support strategic initiatives and provide day-to-day liquidity.
“We are delighted to provide this iconic retailer with an asset-based facility,” said Tim Stewart, Australia Manager at Gordon Brothers. “This unique loan structure increases flexibility allowing the implementation of growth strategies without undue restrictions.”
“The partnership with Gordon Brothers and JP Morgan has allowed us to leverage liquidity to invest in growth opportunities and maximize our financial flexibility in the most efficient way for shareholders,” said Nigel Chadwick, CFO of Myer. “We could not have achieved this result without the in-house expertise and holistic services of Gordon Brothers in conjunction with our financial partners.
In addition to arranging the funding, Gordon Brothers provided the asset valuations. Going forward, the company will serve as a union approved appraiser and joint collateral monitoring agent in partnership with JP Morgan.
Gordon Brothers provides short and long term capital to clients undergoing a transformation beyond traditional asset lending.
Gordon Brothers works closely with and behind leading secured lenders to supplement their financing. The company underwrites structures with capital behind its valuations, and each capital solution is designed on an operation-specific basis taking into account the needs of borrowers and in support of their goals.
Please contact Tim Stewart at [email protected] for more information.
About the Gordon brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, operating executives, advisors and investors advance change. The company brings a powerful combination of expertise and capital to its clients, developing customized solutions on an integrated or stand-alone basis in four service areas: appraisals, disposals, operations and investments. Whether it’s to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commerce and industrial sectors to get the most out of their assets. Gordon Brothers conducts more than $ 70 billion in disposals and appraisals annually. Gordon Brothers is headquartered in Boston and has more than 30 offices on five continents.
Myer is one of Australia’s largest retailers and emphasizes putting customers first in every decision we make and every action we take. Myer operates 59 department stores across Australia. With over 11,000 team members and 5 million loyal MyerOne members, we’re committed to being Australia’s favorite department store: providing friendly, helpful service; exclusive and high quality brands; and delivering compelling value.
Myer’s merchandise offering includes commodity categories: women’s clothing; Men’s clothes; Kids clothing; Beauty; Household items ; Electrical products; Toys; and general merchandise.