Bath & Body Works amends and restates its $ASSET-based revolving credit facility, maturing five years out
Bath & Body Works entered into an amended and restated senior secured asset-based revolving credit facility (ABL Facility) on May 22, 2025, with JPMorgan Chase Bank, N.A. as the counterparty named in the exhibit. The facility matures five years after closing, but the maturity can be pulled forward to 91 days before a senior notes maturity if excess availability and the EBITDAR-to-fixed-charges ratio fall below specified levels. The filing gives no borrowing amount for the facility, so its size relative to the company's existing debt cannot be determined from this document.
Key points
- Maturity is five years after closing, with a springing acceleration tied to senior notes maturities, excess availability below $200 million and a fixed-charge ratio below 1.10:1.00.
- Interest is SOFR or CORRA plus a margin of 1.25% to 1.75%, or 0.25% to 0.75% on base rate loans; unused commitments accrue a fee of 0.25% to 0.30%.
- Obligations are secured by first-priority liens on receivables, deposit accounts, inventory and, at the company's election, real property, and by second-priority liens on other assets.
- A financial maintenance covenant requires a 1.00:1.00 EBITDAR to fixed charges ratio when excess availability falls below the greater of $70 million and 10.0% of the maximum borrowing amount.
The filing
Written by AI on Nov 8, 2026, 1:01 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 22, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.