Victoria's Secret amends credit facility: extends maturity, lowers rates, ups seasonal advance rate

Victoria's Secret & Co.

Maturity extended to earlier of 5 years from closing date or 91 days before certain debt >$50M matures, with liquidity conditions.
Seasonal advance rate on eligible inventory increased to 92.5% from 90% for three consecutive fiscal months annually.
Interest rate margins reduced: term SOFR/CORRA loans at 1.50%-1.75%; base rate loans at 0.50%-0.75%; SOFR credit spread removed.
Canadian borrowing benchmark changed from CDOR to CORRA.
Non-consenting lenders' commitments assigned to JPMorgan at par; all lender consents obtained.

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