L Brands Prices Upsized $1 Billion Senior Notes Offering

L Brands, Inc. (NYSE: LB) (the "Company") announced today that its previously announced offering of $400 million aggregate principal amount of unsecured senior notes due 2035 (the "2035 Notes") was upsized to $1 billion and priced at par with a coupon of 6.875%. The 2035 Notes will be guaranteed by certain of the Company's subsidiaries.The notes will not be registered under the Securities Act of 1933 (the "Securities Act") or the securities laws of any state and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Securities Act and applicable state securities laws. The notes may be resold by the initial purchasers pursuant to Rule 144A and Regulation S under the Securities Act.The Company intends to use the net proceeds of the offering, after deducting underwriting discounts and commission and estimated offering expenses, for general corporate purposes, including capital expenditures, dividends and share repurchases.The securities have been offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States in compliance with Regulation S under the Securities Act. This press release is being issued pursuant to Rule 135c under the Securities Act, and is neither an offer to sell nor a solicitation of an offer to buy any of the senior notes referred to above. There shall not be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.