GACC joins US$600m ABL as retail-media borrower exits restructuring

Great American Capital Corporation (GACC) has participated in a new US$600m asset-based lending facility for an unnamed multi-channel retail and media company as the borrower emerges from a financial restructuring.

The transaction was arranged in connection with the company’s successful completion of the restructuring process, giving it additional liquidity and financial flexibility for its next phase of operations. GACC did not disclose the borrower’s identity, its own commitment within the US$600m facility or the other members of the lending group.

That distinction is important. The US$600m figure represents the size of the overall ABL facility, not an amount provided by GACC alone.

GACC is a partnership majority owned by GA Group and funds managed by Oaktree Capital Management. Its participation places specialist asset-based capital alongside other lenders in a post-restructuring financing where collateral value is likely to be central to credit availability.

The precise borrowing-base mechanics have not been disclosed. GACC did not identify the eligible receivables, inventory or other assets supporting the facility, nor did it provide advance rates, pricing, maturity, covenant terms or current utilisation. It would therefore be inaccurate to infer that the full US$600m has been drawn.

For the ABL market, the transaction is notable for both scale and timing. Companies emerging from restructuring often need sufficient liquidity to rebuild supplier confidence, fund inventory, absorb seasonal cash requirements and avoid returning immediately to a constrained capital position.

An asset-based structure can be suited to that transition because availability is linked to eligible collateral rather than relying solely on enterprise value or historical earnings. The lender still controls risk through eligibility criteria, reserves and advance rates, while the borrower can potentially access more liquidity as its working-capital assets rebuild.

GACC president and chief investment officer Eran Cohen said the transaction demonstrated the lender’s ability to participate in “complex, large-scale asset-based financing solutions”.

The deal gives GACC exposure to a substantial post-restructuring ABL transaction, while leaving several structural details, including its individual hold and the identity of the borrower, undisclosed.