Credit Suisse is prepping a $450 million term loan for retailer Lord & Taylor, according to a person familiar with the transaction.
Proceeds will be used to help refinance $820 million of CMBS, this person said.
Additionally, Lord & Taylor will also raise $300 million through an asset based revolver that is being arranged by GE Capital.
The department store operator’s parent company, Canadian retailer Hudson’s Bay Co., will also contribute equity to pay off the CMBS.
