In November 2021, Gordon Brothers and J.P. Morgan provided a A$215 million, four-year asset-based lending facility to Myer to fund the refinancing of its existing credit facility, support strategic initiatives and provide day-to-day liquidity.

Myer is one of Australia’s largest and most iconic retailers operating 59 department stores and a leading online platform serving millions of customers. The Australian Securities Exchange-listed company’s merchandise includes womenswear, menswear, childrenswear, beauty, homewares, electrical goods, toys and general merchandise core product categories.

Together, our firm and J.P. Morgan arranged and structured the facility that has enabled Myer to invest in growth opportunities and maximise financial flexibility in the most efficient manner for shareholders, including the dividend payments previously not permitted by the incumbent lenders.

In addition to arranging the financing, we were engaged to undertake the asset valuations required to support its execution and will conduct ongoing valuations for the term of the facility. Additionally, we were engaged with J.P. Morgan as joint collateral monitoring agents.

Our asset-based lending and retail expertise, together with our collaborative and supportive approach, ensured Myer unique and optimal funding.