L Brands, Inc.’s $1 Billion Revolving Credit Facility Amendment and Restatement

Davis Polk advised L Brands, Inc. in connection with the amendment and restatement of its $1 billion secured revolving credit facility for which JPMorgan Chase Bank, N.A. served as administrative agent.

Pursuant to the amendment and restatement, the maturity date of the facility was extended from May 11, 2022 to August 13, 2024 and greater flexibility was provided to L Brands with respect to its investment capacity and restricted payment capacity.

L Brands, Inc. (formerly Limited Brands, Inc.) was founded in 1963 in Columbus, Ohio, and has evolved from an apparel-based specialty retailer to a segment leader focused on women’s intimate and other apparel, personal care, beauty and home fragrance categories. L Brands sells its merchandise under various trade names, including Victoria’s Secret and Bath & Body Works, through over 3,000 company-owned specialty retail stores in the United States, Canada, United Kingdom and Greater China (China and Hong Kong), through websites and through international franchise, license and wholesale partners.

The Davis Polk finance team included partners Sartaj Gill (Picture) and Nick Benham and associates Sanders Witkow, Mehak Rashid, Brittany Taylor and Joshua Bunn. Associates Jennifer Ying Lan and Rahul K. Patel provided capital markets advice. The Hong Kong corporate team included partner Gerhard Radtke and associate Hei Tung Cheng.

Involved fees earner: Nick Benham – Davis Polk & Wardwell; Joshua Bunn – Davis Polk & Wardwell; Hei Tung Cheng – Davis Polk & Wardwell; Sartaj Gill – Davis Polk & Wardwell; Rahul Patel – Davis Polk & Wardwell; Gerhard Radtke – Davis Polk & Wardwell; Mehak Rashid – Davis Polk & Wardwell; Brittany Taylor – Davis Polk & Wardwell; Sanders Witkow – Davis Polk & Wardwell; Jennifer Ying Lan – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: L Brands, Inc.;