Big Lots, Inc. (the "Company") announced that on September 22, 2021 it successfully amended its 2018 $700 million five-year unsecured revolving credit facility. The amendment provides more favorable pricing, expands the types of permitted financing arrangements, and provides more flexibility to support the company's future capital allocation priorities. The amended facility consists of a $600 million senior unsecured revolving credit facility, with an optional $300 million incremental uncommitted term loan or additional revolving credit facility. Interest rates and fees are determined on a tiered pricing schedule based on the more favorable of the Company's leverage ratio or, in the event that the Company's indebtedness becomes rated by Standard & Poor's and/or Moody's, its debt rating. Prior to the amendment, the Company's interest rate was LIBOR + 1.75% with a commitment fee of 25 bps. At closing, the Company's interest rate was reduced to LIBOR + 1.375% with a commitment fee of 15 bps. The Company anticipates that it will save a minimum of $300,000 in interest and fees through the end of its fiscal year and at least $850,000 on an annualized basis. The amended leverage ratio fluctuates on a quarterly basis to account for seasonal inventory builds, and ranges from 3.25 to 3.75. Prior to the amendment, the leverage ratio ranged from 3.0 to 3.5. The minimum fixed coverage ratio is unchanged at 1.5. The amendment extends the term of the revolver until September 22, 2026, with two one-year optional extensions. The amendment also contains a $75 million environmental, social and governance ("ESG") sublimit, which allows the Company, subject to the banks' approval, to receive favorable pricing and fee adjustments for its performance against future ESG performance metrics. As of September 22, 2021, the Company had utilized $7 million in letters of credit and had no borrowings outstanding under the 2018 credit facility. Additional information regarding the Second Amended and Restated Credit Agreement can be found on a Form 8-K to be filed with the Securities and Exchange Commission.
Big Lots, Inc. is a home discount retailer in the United States. It operates over 1,300 stores in 48 states and an ecommerce store. The Company's merchandise categories include Food; Consumables; Soft Home; Hard Home; Furniture; Seasonal; and Apparel, Electronics, & Other. The Food category includes beverage and grocery, specialty foods and pet departments. The Consumables category includes health, beauty and cosmetics and chemical departments. The Soft Home category includes home organization, fashion bedding, utility bedding and area rugs departments. The Hard Home category includes small appliances, tabletop and toys departments. The Furniture category includes mattress, case goods, and home decor departments. The Seasonal category includes lawn and garden; summer; Christmas, and other holiday departments. The Apparel, Electronics, & Other department includes apparel; electronics; jewelry; hosiery; and candy and snacks departments, and the assortments for the Lot and the Queue Line.
BIG LOTS, INC. 
