L Brands converts cash-flow revolver to ABL facility, repays drawings

By Wendy Van Sickle

Columbus, Ohio, April 30 – L Brands, Inc. completed an amendment converting its cash-flow revolving credit facility to an asset-backed loan revolver, according to a news release.

The commitments under the ABL facility remain at $1 billion.

The revolver expires in August 2024.

Upon closing the amendment, the company prepaid the $950 million that was previously drawn down under the cash-flow revolver.

The new ABL facility does not contain a leverage ratio financial maintenance covenant.

Based in Columbus, Ohio, L Brands owns the Victoria’s Secret, PINK and Bath & Body Works brands.

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