secwatch.observer — SEC 8-K summary
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Issuer:     FORMER BL STORES INC (—)
CIK:        0000768835
Form:       8-K
Filed at:   2023-03-16T23:59:59+00:00
Accession:  0000768835-23-000013
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 2.04, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Big Lots subsidiary enters $100M lease financing for CA distribution center; repays $53.4M prior lease
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/768835/000076883523000013/0000768835-23-000013-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/768835/000076883523000013/big-20230315.htm
  HTML page:      https://secwatch.observer/filing/0000768835-23-000013

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