Big Lots shares soar 29% after $550 million sale and leaseback agreements, stock upgrade [MarketWatch]
Big Lots, Inc. (BIG)
Last big lots, inc. earnings: 2/27 04:05 pm
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Source: MarketWatch
Big Lots Inc. shares soared 29.4% in Thursday trading after the retailer announced sale and leaseback agreements that will yield net proceeds of $550 million after taxes and expenses and the stock was upgraded at JPMorgan. The transaction with Oak Street Real Estate Capital, LLC involves distribution centers in Columbus, OH, Durant, OK, Montgomery, AL, and Tremont, PA. The transaction is expected to close in the fiscal second quarter. Big Lots will use the proceeds to fully pay down debt on its revolving credit facility and provide additional liquidity. The company said it could also use some of the proceeds for share buybacks and growth efforts once the markets normalize. JPMorgan moved Big Lots shares to neutral from underweight and raised its price target to $21 from $14. After a conversation with management, analysts estimate there will be about $250 million left after debts are paid. JPMorgan also thinks that Big Lots customers, which have an average income in the range of $70,00
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