L Brands Announces Pricing of Upsized $600 Million Offering of 4.625% Senior Notes Due 2029 and $400 Million Term Loan Credit Facility by Its Spin-Off Subsidiary, Victoria''s Secret Co.
COLUMBUS, Ohio, June 30, 2021 (GLOBE NEWSWIRE) -- L Brands, Inc. (" L Brands ") (NYSE: LB ) announced today that the previously announced offering by its subsidiary, Victoria''s Secret Co. (" Victoria''s Secret "), of $500 million aggregate principal amount of senior notes due 2029 (the " Notes ") was upsized to an aggregate principal amount of $600 million and priced with a coupon of 4.625% in a private placement offering to eligible purchasers. The initial offering price of the Notes to investors will be 100% of their principal amount. Additionally, L Brands announced today that the previously announced syndication by Victoria''s Secret of term loans in an aggregate principal amount $400 million (the " Term Loan Facility ") has allocated with an initial margin of LIBOR (with a LIBOR floor of 0.50%) plus 3.25%. The Term Loan Facility will have an original issue discount of 1.00%. The offering of the Notes is expected to close on July 15, 2021, subject to customary closing conditions. The Term Loan Facility is expected to close at or about the time of the Separation (as defined below).
L Brands Announces Pricing of Upsized $600 Million Offering of 4.625% Senior Notes Due 2029 and $400 Million Term Loan Credit Facility by Its Spin-Off Subsidiary, Victoria''s Secret Co.
COLUMBUS, Ohio, June 30, 2021 (GLOBE NEWSWIRE) -- L Brands, Inc. (" L Brands ") (NYSE: LB ) announced today that the previously announced offering by its subsidiary, Victoria''s Secret Co. (" Victoria''s Secret "), of $500 million aggregate principal amount of senior notes due 2029 (the " Notes ") was upsized to an aggregate principal amount of $600 million and priced with a coupon of 4.625% in a private placement offering to eligible purchasers. The initial offering price of the Notes to investors will be 100% of their principal amount. Additionally, L Brands announced today that the previously announced syndication by Victoria''s Secret of term loans in an aggregate principal amount $400 million (the " Term Loan Facility ") has allocated with an initial margin of LIBOR (with a LIBOR floor of 0.50%) plus 3.25%. The Term Loan Facility will have an original issue discount of 1.00%. The offering of the Notes is expected to close on July 15, 2021, subject to customary closing conditions. The Term Loan Facility is expected to close at or about the time of the Separation (as defined below).