Victoria's Secret amends $1.0 billion-plus ABL credit facility with lower interest rates
Victoria's Secret & Co. signed Amendment No. 2 to its senior secured asset-based revolving credit facility with JPMorgan Chase Bank, N.A. as agent on May 21, 2025. The amendment extends the facility's maturity, lowers borrowing rates, and adds seasonal flexibility on inventory advance rates, which changes the terms of the company's existing borrowing capacity.
Key points
- Amendment No. 2 to the August 2, 2021 Revolving Credit Agreement was dated May 21, 2025.
- Interest rate on term SOFR or term CORRA loans reduced to 1.50% to 1.75%; alternate base rate loans reduced to 0.50% to 0.75%.
- Maturity extended to five years after the amendment closing date, subject to a springing test tied to debt over $50 million.
- Seasonal advance rate on eligible inventory rises from 90.0% to 92.5% for three consecutive fiscal months during high season.
The filing
Written by AI on Nov 8, 2026, 1:17 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.