HBC closes US$1.085B term loan

Hudson’s Bay Company (HBC) closed a US$1.085 billion senior secured term loan facility provided by a syndicate of lenders led by Bank of America, N.A., as Term Agent on September 30, 2015. HBC used the proceeds of the term loan to, among other things, finance an equity investment in HBS Global Properties, which acquired GALERIA properties and in turn, the acquisition of the GALERIA Properties financed the acquisition by HBC of GALERIA Holding, the parent company of Germany’s leading department store GALERIA Kaufhof.

HBC was represented by Stikeman Elliott LLP and Willkie Farr & Gallagher LLP. The Stikeman team was led by Jennifer Legge and included Vanessa Beamish, Bessie Qu, Slavica Stojimirovic and Logan Copen (banking - Toronto), Howard Rosenoff and Elizabeth Labrie (banking - Montreal) Scott Perrin and Jamie Templeton (banking - Vancouver) and Amy Nugent (banking – Calgary). The Willkie team included David Tarr, Daniel Philion and Jonathan Ross.

The Term Agent was represented by Cahill Gordon & Reindel LLP and Osler, Hoskin & Harcourt LLP. The Cahill team included Jim Clark, Corey Wright, Sean Davis, Rachel Gray, Sebastian Ruiz, Anthony Mongone and John Nogueras. The Osler team included Kevin Morley, Greg Wylie and Jason Pearlstein.