TORONTO, May 23, 2013 (GLOBE NEWSWIRE) -- Hudson's Bay Company ("HBC") (www.hbc.com) (TSX:HBC) announced today 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%.
About Hudson's Bay Company
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, as well as thebay.com. 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, and lordandtaylor.com. With approximately 29,000 Associates in Canada and the U.S., Hudson's Bay Company banners provide stylish, quality merchandise at great value, with a dedicated focus on service excellence. Hudson's Bay Company trades on the Toronto Stock Exchange under the symbol "HBC".
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