LINENS ‘N THINGS Completes US$700M Asset-based Credit Facility

On October 24, 2007, Linens ‘N Things, Inc., Linens ‘N Things Center, Inc., and Linens ‘N Things Canada Corp., wholly-owned subsidiaries of Linens Holding Co., entered into a new US$700 million asset-based credit facility with GE Capital Markets, Inc. as arranger and bookmanager. Linens ‘N Things is one of the leading large format retailers of home textiles, housewares and home accessories in North America. The new credit facility was provided as a refinancing of an existing US$700 million credit facility. The syndicate of lenders was led by GE Commercial Finance as US Administrative Agent and US Collateral Agent, and GE Canada Finance Holding Company as Canadian Administrative Agent and Canadian Collateral Agent.

Canadian counsel to the agents and lending syndicate was McMillan Binch Mendelsohn LLP with a team including Stephanie Robinson, Jeffrey Rogers and Puja Varma. US counsel to the agents and lending syndicate was Bingham McCutchen LLP with a team including Robert Barry, Matthew Furlong, Marc Leduc, Raymond Janairo, Mark Silva and Brian Yoo. Deborah Patterson and David Feindel of McInnes Cooper acted for the agents and lending syndicate with respect to matters regarding Nova Scotia law.

Canadian counsel to the borrowers was Borden Ladner Gervais LLP with a team that included Stephen Redican, Alexander Singh, Don Bird, Ken Andersen, Jim Jermyn, Dave Whelan, Ross Reaburn and Maria Doerksen. Respecting certain corporate and Nova Scotia matters, the borrowers were represented by Mark Bursey and Sadira Jan of Stewart McKelvey. US counsel to the borrowers was Morgan, Lewis & Bockius LLP with a financing team that included Richard Petretti, Justin Smith and Bethany Brown.