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Big Lots Inks $725M Industrial Sale-Leaseback Deal

Big Lots Inc. announced plans to sell its owned real estate portfolio of four distribution centers in a sale-leaseback transaction with Oak Street Real Estate Capital LLC. The discount retailer has agreed to close on the disposition of the properties, which total approximately 7.5 million square feet in four states, in a transaction valued at $725 million. Upon completion of the sale-leaseback transactions, Big Lots will walk away with net proceeds totaling roughly $550 million. The company will utilize a portion of the funds to fully pay down debt on its $700 million revolving credit facility, under which it had $229.2 million in outstanding borrowings as of February 1, 2020. The remaining proceeds will be set aside as additional liquidity and for other corporate purposes upon the normalization of market conditions.

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Big Lots,Oak Street Real Estate Capital