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Big Lots secures new credit facility


Columbus, Ohio Big Lots announced Thursday the signing of a new three-year, $500 million revolving credit facility that replaces the prior $500 million credit facility set to expire in October.

The new credit facility is unsecured and consists of a 14-bank syndicate, said the company.

Steve Fishman, Big Lots’ chairman and CEO, said, "Our strong financial performance and consistent execution of our strategy have resulted in a business model and credit profile that was very attractive to our lenders. We are pleased to have received such a strong vote of confidence by our bank group, despite today's highly volatile credit market."

The facility was arranged jointly by PNC Capital Markets and Wells Fargo Bank. Big Lots said the new facility will fund working capital as well as general corporate needs.

Currently, Big Lots operates 1,345 stores in 47 states.

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