New Issue: Limited Brands prices upsized $400 million 10-year senior notes at par to yield 7%

By Paul A. Harris

St. Louis, April 20 - Limited Brands, Inc. priced an upsized $400 million issue of 10-year senior notes (Ba1/BB/) at par to yield 7% on Tuesday, according to an informed source.

The yield printed at the tight end of the 7% to 7¼% price talk.

Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. were the joint bookrunners for the quick-to-market deal, which was upsized from $300 million.

Proceeds will be used to fund tenders for the company's existing senior notes due 2012 and 2014.

Limited Brands is a specialty retailer based in Columbus, Ohio.

Issuer:	Limited Brands, Inc.
Amount:	$400 million, increased from $300 million
Maturity:	May 1, 2020
Securities:	Senior notes
Bookrunners:	Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Citigroup Global Markets Inc.
Senior co-managers:	HSBC Securities (USA) Inc., Wells Fargo Securities
Co-managers:	KeyBanc Capital Markets Inc., Mitsubishi, Mizuho Securities USA Inc., PNC Capital, RBS Securities Inc., Santander, Williams Capital Group LP
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	320 bps
Call protection:	Non-callable (make-whole at Treasuries plus 50 bps)
Trade date:	April 20
Settlement date:	May 4
Ratings:	Moody's: Ba1
	Standard & Poor's: BB
Distribution:	SEC registered
Price talk:	7% to 7¼%

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