L Brands amends credit agreement, extending maturity to July 2019

By Jennifer Chiou

New York, July 23 – L Brands, Inc. entered into on July 18 an amendment and restatement of its $1 billion revolving credit agreement with JPMorgan Chase Bank, NA as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date is now July 18, 2019, pushed back from July 15, 2016.

In addition, certain of the company’s non-U.S. subsidiaries may borrow loans and obtain letters of credit under the credit agreement, subject to a guarantee by L Brands and its material domestic subsidiaries.

The filing added that the company may add additional borrowers and additional currencies, subject to the consent of the lenders.

The amendment also increases the aggregate amount of incremental revolving commitments that the company may add under the credit agreement to $500 million from $250 million.

The changes further provide greater flexibility in respect of certain negative covenants by increasing the dollar allowances for several baskets, including investments, liens and restricted payments, the filing said.

The borrower is a Columbus, Ohio-based company women's apparel company.

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