{"schema_version":"secwatch.filing_event.v1","accession":"0001856437-25-000019","form_type":"8-K","ticker":"VSCO","cik":"0001856437","company_name":"Victoria's Secret & Co.","filed_at":"2025-05-22T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.196981+00:00","generated_at":"2026-05-20T18:48:17.686183+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.6,"calibrated_materiality_score":0.6,"confidence":"high","headline":"Victoria's Secret amends credit facility: extends maturity, lowers rates, ups seasonal advance rate","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001856437-25-000019","json":"https://secwatch.observer/filing/0001856437-25-000019.json","markdown":"https://secwatch.observer/filing/0001856437-25-000019.md","text":"https://secwatch.observer/filing/0001856437-25-000019.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1856437/000185643725000019/0001856437-25-000019-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1856437/000185643725000019/vsco-20250521.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-20T18:48:17.686183+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"bb75149cb8f9a2344961c24035ddbe5a2402681b","claim":"Victoria's Secret & Co. amended revolving credit with JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent and the lenders party thereto at in the case of loans bearing interest based on term SOFR or term CORRA, to 1.50% maturing the earlier of (a) five years after the closing date of the Amendment and (b) the date that is 91 days prior to the scheduled maturity date of certain outstandi.","evidence_excerpt":"On May 21, 2025, Victoria’s Secret & Co. (the “Company”) entered into that certain Amendment No. 2 (the “Amendment”) by and among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent (collectively the “Agent”) and the lenders party thereto, which amends that certain Revolving Credit Agreement dated as of August 2, 2021 by and among the Company, the Agent and the lenders party thereto (as amended, the “Credit Agreement”), which Credit Agreement provides for a senior secured asset-based revolving credit facility (the “ABL Facility”). The Amendment, among other things, (1) extends the maturity date of the Credit Agreement to the earlier of (a) five years after the closing date of the Amendment and (b) the date that is 91 days prior to the scheduled maturity date of certain outstanding material indebtedness with a principal balance exceeding $50 million to the extent that certain availability and financial covenant thresholds are not met on such date, (2) pr","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1856437/000185643725000019/0001856437-25-000019-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"revolving credit"},{"label":"Counterparty","value":"JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent and the lenders party thereto"},{"label":"Rate","value":"in the case of loans bearing interest based on term SOFR or term CORRA, to 1.50%"},{"label":"Maturity","value":"the earlier of (a) five years after the closing date of the Amendment and (b) the date that is 91 days prior to the scheduled maturity date of certain outstandi"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}