Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Bath & Body Works, Inc. | dp16826_8k.htm |
| EX-4.1 - EXHIBIT 4.1 - Bath & Body Works, Inc. | dp16826_ex0401.htm |
Exhibit 99.1
LIMITED
BRANDS ANNOUNCES AMENDMENT AND EXTENSION TO CREDIT AGREEMENT
Columbus,
Ohio, March 8, 2010 — Limited Brands, Inc. (NYSE: LTD) (“Limited Brands”) announced
today that it has concluded an amendment and extension (the “Amendment”) of its existing
amended and restated credit agreement dated as of February 19, 2009 (the “Existing Credit Agreement” and
as amended and restated, the “Credit
Agreement”). Capitalized terms not defined herein have the
meanings set forth in the Credit Agreement.
Under the Amendment, the termination
date of the Commitments of Lenders who consented to the Amendment is extended by
two years (until August 1, 2014) and the aggregate amount of their Commitments
is reduced from $873,333,333 to $800,000,000. The termination date
(August 3, 2012) and aggregate principal amount ($126,666,667) of the
Commitments of non-consenting Lenders are unchanged by the Amendment. The
Amendment reduces the aggregate amount of the Commitments of the Lenders under
the Credit Agreement from $1,000,000,000 to $926,666,667.
Additionally, the Amendment modifies
the covenants limiting Investments and Restricted Payments to provide that
Investments and Restricted Payments may be made, without limitation on amount,
if (i) at the time of and after giving effect to such Investment or Restricted
Payment the ratio of Consolidated Debt to Consolidated EBITDA for the most
recent four quarter period is less than 3.0 to 1.0 and (ii) no Default or Event
of Default exists.
In addition, as a condition to the
effectiveness of the Amendment, Limited Brands, repaid the approximately
$200,000,000 outstanding under the Term Loan Credit Agreement.
ABOUT LIMITED
BRANDS:
Limited
Brands, through Victoria’s Secret, Pink, Bath & Body Works, C.O. Bigelow, La
Senza, White Barn Candle Co. and Henri Bendel, presently operates 2,970
specialty stores. The company’s products are also available online at
www.VictoriasSecret.com,
www.BathandBodyWorks.com,
www.HenriBendel.com
and www.LaSenza.com.
Forward Looking
Statements:
This
press release may contain forward-looking statements (as such term is defined in
the Private Securities Reform Act of 1995). These forward-looking statements may
include without limitation, statements regarding future financial results and
performance, plans and objectives, capital expenditures and the company's or
management's beliefs, expectations or opinions, and are subject to risks and
uncertainties that could cause actual results to differ materially from the
company's current expectations. Further discussion of these and other potential
risk factors may be found in the company’s public filings with the Securities
and Exchange Commission (www.sec.gov),
including its Form 10-K for the fiscal year ended January 31, 2009.