Bath & Body Works amends and restates senior secured ABL facility with five-year maturity

Bath & Body Works, Inc.

• Facility matures five years after closing, with springing maturity 91 days prior to certain senior note maturities.
• Borrowing base includes 95% credit card receivables, 85% accounts receivable, 90% inventory NOLV, and up to $150M real property.
• Interest margins: SOFR loans 1.25%-1.75%, base rate loans 0.25%-0.75%; unused commitment fee 0.25%-0.30%.
• Financial maintenance covenant requires 1.00:1.00 EBITDAR/fixed charges when excess availability < greater of $70M or 10% of max borrowing.
• Existing lenders and new lenders participate; non-consenting lenders are assigned out at par.