Great American Capital Partners (GACP) and KKR Capital Markets have provided a loan worth C$300 million ($222 million; €207 million) to retailer Sears Canada, according to a company announcement.
The announcement notes C$125 million of the senior secured loan has been drawn, meaning that up to C$175 million can subsequently be called on by Sears. The loan will be utilised for general corporate purposes.
Los Angeles-based GACP, which is a division of B. Riley Capital Management, focuses on providing senior secured lending facilities such as this. The firm launched its private debt fund in 2015, according to PDI research, beating its fundraising target of $155 million by $1 million.
Sears Canada, based in Toronto, Canada, utilises five different brand names to operate more than 200 stores across Canada.
Spokesmen from GACP and KKR did not return calls seeking additional comment by time of publication.