Moody’s assigns L Brands notes Ba2, B2

Moody’s Investors Service said it assigned a Ba2 rating to L Brands, Inc.’s proposed senior secured offering of $750 million of notes due in 2025 and a B2 to its $500 million of senior unsecured notes offering due 2025.

The proceeds will be used for general corporate purposes, which include near term debt maturities and the repayment of its supplemental retirement plan.

The proposed senior secured notes will be secured by a first priority lien on all non-ABL collateral including most of its real estate, intellectual property and equipment.

The outlook is negative.

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