L Brands Plans $700 Million Senior Notes Offering

L Brands, Inc. LB revealed that it is offering to sell $700 million aggregate principal amount of unsecured senior notes due 2036 in a public offering. The public issue has been fully underwritten by BofA Merrill Lynch, Citigroup and JPMorgan as joint book-running managers.

L Brands said the 2036 Notes would be guaranteed by some of its subsidiaries. The company plans to use the offering proceeds to fund the payment of fees, as well as expenses, in connection with the redemption of its outstanding notes due 2017.

The Company intends to use proceeds from the offering, after the payment of fees and expenses, for the redemption of its outstanding 6.900% notes due 2017 and for general corporate purposes. The company said that the foregoing does not constitute a notice of redemption or an obligation to issue a notice of redemption for the outstanding notes.

The stock traded 1.1 percent down on Monday.