L Brand's Victoria's Secret Seeks To Raise $500M Via Private Debt Offering

  • L Brands Inc LB has announced its subsidiary, Victoria’s Secret & Co, is offering to sell $500 million in aggregate principal amount of senior unsecured notes due 2029 in a private offering.
  • Victoria’s Secret will use the proceeds from the Notes offering, after deducting discounts and commissions to the initial purchasers of the Notes and estimated offering expenses, to fund a portion of a cash payment to L Brands.
  • Pending completion of the Separation proceeds from the offering of the Notes will be deposited into escrow to benefit the holders of the Notes.
  • America’s biggest lingerie retailer is preparing to become a standalone company, Victoria’s Secret & Co, spun off from parent L Brands.
  • L Brands’ cash and equivalents totaled $2.8 billion as of April 30, 2021.
  • Price action: LB shares closed higher by 0.34% at $71.21 on Tuesday.
  • Photo by Taihiva ldosiow via Wikimedia

Posted In: BriefsVictoria's SecretNewsOfferings

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