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Gibson Brands gets $185 million refinancing arranged by B. Riley
By Tali Rackner
Norfolk, Va., Feb. 28 – Gibson Brands, Inc. obtained a new $55 million five-year domestic ABL facility, a $70 million six-year last-out domestic term loan and a $60 million six-year international term loan arranged by B. Riley & Co., LLC, according to a B. Riley press release.
The refinancing provides additional working capital and extinguished the company's existing domestic and international ABL facilities, as well as other third party debt, the release said.
Bank of America is the administrative agent and the sole lender on the domestic ABL facility. Funds managed by GSO Capital Partners provided financing for the last-out domestic term loan and the international term loan.
B. Riley is serving as financial advisor to the company.
Gibson Brands is a Nashville, Tenn.-based designer, manufacturer, marketer and distributor of premium musical instruments, audio equipment and related accessories.
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