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Hudson’s Bay Refinances Credit Facility With GE Retail Finance, Others

May 24, 2013, 07:43 AM
Filed Under: Retail

Hudson's Bay Company (HBC) announced that Lord & Taylor Holdings LLC, a wholly-owned subsidiary of HBC, has fully repaid the U.S $205 million outstanding on its U.S. $450 million syndicated term loan with Credit Suisse Securities LLC and certain others with proceeds from a second amended and restated credit agreement dated as of May 23, 2013 (the Second Amended and Restated Credit Agreement) with GE Capital, Corporate Retail Finance, as administrative agent, collateral agent and swingline lender, GE Capital, Corporate Retail Finance and Bank of America, N.A., as borrowing base agents and GE Capital Markets, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arranger and joint bookrunners.

The Second Amended and Restated Credit Agreement provides for a U.S. $350 million revolving line of credit and an additional U.S. $200 million in term loans. It is secured by certain of the assets of Lord & Taylor Holdings LLC 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%.

HBC, founded in 1670, is North America's longest continually operated company. In Canada, HBC operates Hudson's Bay, Canada's largest department store with 90 locations, unsurpassed in its fashion, beauty, home and accessory designers and brands. HBC also operates Home Outfitters, Canada's largest home specialty superstore with 69 locations across the country. In the United States, HBC operates Lord & Taylor, a department store with 48 full-line store locations throughout the northeastern United States and in two major cities in the Midwest.

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