GE Capital Agents $550MM Facility to Lord & Taylor
Hudson’s Bay Company announced that Lord & Taylor Holdings, a wholly-owned subsidiary of HBC, has fully repaid the $205 million outstanding on its $450 million syndicated term loan with Credit Suisse Securities and certain others with proceeds from a second amended and restated credit agreement dated as of May 23, 2013 with GE Capital, Corporate Retail Finance, as administrative agent, collateral agent and swing line lender, GE Capital, Corporate Retail Finance and Bank of America, as borrowing base agents and GE Capital Markets and Merrill Lynch, as joint lead arranger and joint bookrunners.
The second amended and restated credit agreement provides for a $350 million revolving line of credit and an additional $200 million in term loans. It is secured by certain of the assets of Lord & Taylor Holdings and its subsidiaries, matures five years from the closing date and contains representations and warranties, covenants and events of default, in each case customary for credit facilities of this nature. The current interest rate of the second amended and restated credit agreement is LIBOR plus 2.25%.