Hudson's Bay enters amended $550 million credit agreement with GE

By Jennifer Chiou

New York, May 23 - Hudson's Bay Co. announced that its wholly owned subsidiary, Lord & Taylor Holdings LLC, repaid in full the $205 million outstanding under its $450 million syndicated term loan with Credit Suisse Securities LLC using proceeds from its amended and restated credit agreement.

According to a news release, the amendment credit agreement with GE Capital, Corporate Retail Finance as administrative agent, collateral agent and swingline lender provides for a $350 million revolving line of credit and $200 million of term loans.

Borrowings bear interest at Libor plus 225 basis points.

GE Capital, Corporate Retail Finance and Bank of America, NA are the borrowing base agents with GE Capital Markets, Inc. and BofA Merrill Lynch as joint lead arrangers and joint bookrunners for the amended five-year credit agreement.

The revolver and term loans are secured by certain of the assets of Lord & Taylor Holdings.

Hudson's Bay is a Toronto-based retailer offering a selection of branded merchandise.

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