{"schema_version":"secwatch.filing_event.v1","accession":"0000768835-23-000013","form_type":"8-K","ticker":null,"cik":"0000768835","company_name":"FORMER BL STORES INC","filed_at":"2023-03-16T23:59:59+00:00","discovered_at":"2026-05-14T18:03:48.057251+00:00","generated_at":"2026-06-18T01:19:32.182273+00:00","sec_items":["1.01","1.02","2.03","2.04","5.02","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Big Lots subsidiary enters $100M lease financing for CA distribution center; repays $53.4M prior lease","bullets":["AVDC, LLC entered $100M Participation Agreement and new 5-year lease for 1.34M sq ft facility in Apple Valley, CA.","Big Lots paid $53.4M to terminate prior lease using borrowings under its 2022 credit agreement.","New lease interest: Term SOFR + 10bp + 250bp margin; initial term 60 months with renewal options.","Borrowing base reserve eliminated after prior lease termination; fixed charge coverage ratio 1.0x triggered if availability < $67.5M.","Annual LTV test requires lease balance to fair value ratio >60%; failure triggers letter of credit requirement."],"urls":{"canonical":"https://secwatch.observer/filing/0000768835-23-000013","json":"https://secwatch.observer/filing/0000768835-23-000013.json","markdown":"https://secwatch.observer/filing/0000768835-23-000013.md","text":"https://secwatch.observer/filing/0000768835-23-000013.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/768835/000076883523000013/0000768835-23-000013-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/768835/000076883523000013/big-20230315.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-18T01:19:32.182273+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"ebe47bc51439d5163f2d0ddb2c6278c43a543de0","claim":"FORMER BL STORES INC incurred lease obligation of $100 million with MUFG Bank, Ltd. at Term SOFR for the applicable payment period plus a 10 basis point spread adjustm maturing 60 months.","evidence_excerpt":"(“we,” “us,” “our” or “Company”), the Company and certain of its subsidiaries, as guarantors, Bankers Commercial Corporation (“Lessor”), the rent assignees parties thereto (“Rent Assignees” and, together with Lessor, “Participants”), MUFG Bank, Ltd., as collateral agent for the Rent Assignees (in such capacity, “Collateral Agent”), and MUFG Bank, Ltd., as administrative agent for the Participants, entered into a Participation Agreement (the “Participation Agreement”), pursuant to which the Participants funded $100 million to Wachovia Service Corporation (“Prior Lessor”) to finance Lessor’s purchase of the Leased Property (as defined below) from the Prior Lessor.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/768835/000076883523000013/0000768835-23-000013-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"lease obligation"},{"label":"Principal","value":"$100 million"},{"label":"Counterparty","value":"MUFG Bank, Ltd."},{"label":"Rate","value":"Term SOFR for the applicable payment period plus a 10 basis point spread adjustm"},{"label":"Maturity","value":"60 months"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"33e4444880ac58a2f34a083b6175797568ad423d","claim":"FORMER BL STORES INC terminated Prior Lease, Prior Participation Agreement, and Construction Agency Agreement with Prior Lessor, Wells Fargo Bank National Association valued at Prior Lease, Prior Participation Agreement, and Construction Agency Agreement terminated; Company pa (effective 2023-03-15).","evidence_excerpt":"Concurrently with Lessor’s purchase of the Leased Property from Prior Lessor, (1) the Real Property Lease Agreement between AVDC and the Prior Lessor (the “Prior Lease”), (2) the Participation Agreement between AVDC, the Prior Lessor, Wells Fargo Bank National Association, as Agent, and certain other subsidiaries of the Company named therein, as Guarantors, and the banks and other lending institutions named therein, as Lease Participants (the “Prior Participation Agreement”), and (3) the Construction Agency Agreement between AVDC and the Prior Lessor, in each case entered into on November 30, 2017 and, with respect to the Prior Lease and the Prior Participation Agreement, most recently amended on September 21, 2022 by the Fourth Amendment to Certain Operative Documents, were terminated on March 15, 2023.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/768835/000076883523000013/0000768835-23-000013-index.htm","confidence":0.99,"family_label":"Material Agreements","details":[{"label":"Action","value":"termination"},{"label":"Agreement","value":"lease"},{"label":"Counterparty","value":"Prior Lessor, Wells Fargo Bank National Association"},{"label":"Value","value":"Prior Lease, Prior Participation Agreement, and Construction Agency Agreement terminated; Company pa"},{"label":"Effective","value":"2023-03-15"}],"fact_type":"material_agreement"},{"claim_id":"6e192087fc7a326eef2727dd2d6d4ac6c5e3a01e","claim":"FORMER BL STORES INC entered into Participation Agreement and Lease Agreement with Bankers Commercial Corporation valued at Participants funded $100 million to finance purchase of Leased Property (effective 2023-03-15).","evidence_excerpt":"On March 15, 2023, AVDC, LLC (“AVDC”), a wholly owned subsidiary of Big Lots, Inc. (“we,” “us,” “our” or “Company”), the Company and certain of its subsidiaries, as guarantors, Bankers Commercial Corporation (“Lessor”), the rent assignees parties thereto (“Rent Assignees” and, together with Lessor, “Participants”), MUFG Bank, Ltd., as collateral agent for the Rent Assignees (in such capacity, “Collateral Agent”), and MUFG Bank, Ltd., as administrative agent for the Participants, entered into a Participation Agreement (the “Participation Agreement”), pursuant to which the Participants funded $100 million to Wachovia Service Corporation (“Prior Lessor”) to finance Lessor’s purchase of the Leased Property (as defined below) from the Prior Lessor.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/768835/000076883523000013/0000768835-23-000013-index.htm","confidence":0.99,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"lease"},{"label":"Counterparty","value":"Bankers Commercial Corporation"},{"label":"Value","value":"Participants funded $100 million to finance purchase of Leased Property"},{"label":"Effective","value":"2023-03-15"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}