L Brands, Inc. $1 Billion Asset Based Revolving Credit Facility

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 existing cash-flow revolving credit facility was converted to an asset-backed revolving credit facility (“ABL”). The aggregate commitments under the ABL remain $1 billion.

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 partner Sartaj Gill, counsel Sanders Witkow and associates Sarah L. Walton, Brittany Taylor and Joshua Bunn. Partner Brian D. Hirsch and associate Edward Peck provided real estate advice. Counsel Bonnie Chen and associate Yana Kipnis provided intellectual property advice. The Hong Kong team included associate Kai Sun. Members of the Davis Polk team are based in the New York, London and Hong Kong offices.