HBC closes US$1.9B global ABL facility

On February 5, 2016, Hudson’s Bay Company (HBC) closed a new global asset based loan facility with availability of up to US$1.9 billion provided by a syndicate of lenders led by Bank of America, N.A., as ABL Agent. The new global ABL facility provides credit facilities to HBC in Canada and its subsidiaries throughout the US and Germany and will also extend to the newly acquired GILT Group in the US and Ireland.

Stikeman Elliott LLP was lead counsel for HBC. The Stikeman team was led by Jennifer Legge and included Vanessa Beamish, Slavica Stojimirovic and Logan Copen (banking - Toronto), Howard Rosenoff and Elizabeth Labrie (banking - Montreal), Jamie Templeton (banking - Vancouver), Amy Nugent (banking – Calgary), Andrea Boctor and Aiden Talai (pensions), Dean Kraus and Jonathan Willson (tax), and Justine Whitehead and Gina Demczuk (IP). Willkie Farr & Gallagher LLP represented HBC as US and German counsel. The Willkie team included David Tarr, Daniel Philion, Jonathan Ross and Ryan Hartnett in the US and Jasmin Dettmar, Patrick Meiisel, Christopher Clerihew and Katja Wolf in Germany.

The ABL Agent was represented by Riemer & Braunstein LLP and Norton Rose Fulbright. The Reimer team included David Berman, Jason Delmonico and Jaime Koff. The Norton Rose team included Arnold Cohen and Amanda Fortuna in Canada and Oliver Sutter, Mid-Eum Joo and Bernhard Fiedler in Germany.