Victoria’s Secret to launch $500 million term loan B on Tuesday

By Sara Rosenberg

New York, June 21 – Victoria’s Secret is set to hold a lender call at 11 a.m. ET on Tuesday to launch a $500 million term loan B (BB+), according to a market source.

JPMorgan Chase Bank is the lead on the deal.

Price talk on the term loan is Libor plus 300 basis points to 325 bps with a 0.5% Libor floor and an original issue discount of 99, the source said.

The term loan has 101 soft call protection for six months.

Commitments are due at noon ET on June 30, the source added.

The company also plans on getting a $750 million asset-based revolving facility.

Proceeds will be used to help fund the company’s spinoff from L Brands Inc.

Closing is expected in August, subject to customary conditions.

Victoria’s Secret is a Reynoldsburg, Ohio-based retailer of intimates and beauty products.

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