L Brands amends credit agreement, extending maturity to May 2022

By Wendy Van Sickle

Columbus, Ohio, May 17 – L Brands, Inc. entered into on May 11 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 May 11, 2022, pushed back from July 18, 2019.

In addition, some 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 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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