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Great American, KKR Arranges Credit for Sears Canada

Great American Capital Partners, a subsidiary of B. Riley Financial Inc. in Woodland Hills, and KKR Capital Markets have agreed to provide a secured loan to Sears Canada for about $220 million. The first tranche of the loan for 125 million Canadian dollars, equivalent to about $93 million, was drawn when the agreement was signed. The money will be used for general corporate purposes. Toronto-based Sears Canada Inc. operates more than 200 stores under five different brands, including Full-line Stores, Outlet Stores, Home Stores, Hometown Stores and Corbeil Stores. Great American and KKR, the investment firm run by Chief Executive Henry Kravitz in New York, will work as lead arrangers to find investors. This transaction is another example of GACP’s ability to provide creative solutions to the challenging retail environment,” Robert Louzan, managing director of Great American, said in a statement.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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