Bath & Body Works begins tender offers for 2023, 2025, 2027 notes

By Marisa Wong

Los Angeles, Aug. 19 – Bath & Body Works, Inc. announced it has begun tender offers to purchase for cash up to $500 million total of its outstanding 5 5/8% senior notes due 2023 (Cusip: 501797AJ3), 9 3/8% senior notes due 2025 (Cusip: 501797AU8, U51407AD3) and 6.694% senior notes due 2027 (Cusip: 501797AQ7, 501797AP9, U51407AC5).

The maximum aggregate amount of 2025 notes and 2027 notes to be purchased is limited to $180 million, according to a press release.

The total considerations per $1,000 principal amount are as follows, with the notes listed in order of acceptance priority level:

• $1,102.50 for the $319,685,000 outstanding 2023 notes;

• $1,300 for the $500 million outstanding 2025 notes; and

• $1,190 for the $297,405,000 outstanding 2027 notes.

The total consideration includes an early tender premium of $50 per $1,000 of notes tendered by 5 p.m. ET on Sept. 1, the early tender deadline.

The company will also pay accrued interest to but excluding the applicable settlement date.

Tenders may be withdrawn on or before 5 p.m. ET on Sept. 1.

The offers will expire at 11:59 p.m. ET at the end of the day on Sept. 16.

Early settlement is expected to be Sept. 3, and final settlement is expected to be Sept. 20.

If the total amount tendered exceeds the overall tender cap, tenders will be subject to proration.

The tender offers are not conditioned on the tender of any minimum principal amount of notes or the consummation of any other tender offer.

Citigroup Global Markets Inc. (212 723-6106 or 800 558-3745) is the lead dealer manager for the tender offers.

Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 470-2200 for all others; contact@gbsc-usa.com) is the information agent.

The home and personal fragrance products retailer is based in Columbus, Ohio.

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