Published on 3/22/2011 in the Prospect News High Yield Daily.
New Issue: Limited Brands prices upsized $1 billion of 10-year notes to yield 6 5/8%
By Jennifer Chiou
New York, March 22 - Limited Brands, Inc. priced an upsized drive-by offering of $1 billion of senior notes due March 25, 2021 at par to yield 6 5/8%, at the tight end of the 6 5/8% to 6¾% talk.
The issue was earlier slated at $750 million.
Bookrunners included Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities LLC and Citigroup Global Markets Inc., along with senior co-managers HSBC Securities (USA) Inc. and Wells Fargo Securities, LLC.
KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., RBS Securities Inc., PNC Capital Markets LLC, Santander Investment Securities Inc. and Williams Capital Group, LP populated the list of co-managers.
The securities have a make-whole call at Treasuries plus 50 basis points at any time, and there is an equity clawback feature for up to 35% of the issue at 106.625 until April 1, 2014.
Limited Brands is a specialty retailer based in Columbus, Ohio.
| Issuer: | Limited Brands, Inc.
|
| Issue: | Senior notes
|
| Amount: | $1 billion (upsized from $750 million)
|
| Maturity | March 25, 2021
|
| Bookrunners: | Merrill Lynch, Pierce, Fenner & Smith Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc.
|
| Senior co-managers: | HSBC Securities (USA) Inc., Wells Fargo Securities, LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., RBS Securities Inc., PNC Capital Markets LLC, Santander Investment Securities Inc., Williams Capital Group, LP
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Call features: | Make-whole call at Treasuries plus 50 bps at any time
|
| Equity clawback: | For up to 35% of the issue at 106.625 until April 1, 2014
|
| Trade date: | March 22
|
| Settlement date: | March 25 (T+3)
|
| Distribution: | Registered offering
|
| Price talk: | 6 5/8% to 6¾%
|
| Marketing: | Quick-to-market
|
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