L Brands to price $750 million 10-year senior notes on Wednesday; initial talk in 7% area

By Paul A. Harris

Portland, Ore., Sept. 16 – L Brands, Inc. plans to price a $750 million offering of 10-year senior notes (expected ratings B2/B+) in a Wednesday drive-by, according to market sources.

Initial guidance has the notes coming to yield in the 7% area.

J.P. Morgan Securities LLC is leading the sale.

The Rule 144A and Regulation S notes come with five years of call protection.

The Columbus, Ohio-based company, which operates specialty stores featuring custom brands, plans to use the proceeds to fund tender offers for its 5 5/8% senior notes due 2022, its 5 5/8% senior notes due 2023, its 7.6% senior notes due 2037 and its 6.95% exchange debentures due 2033, with any remaining proceeds to be used to repay other outstanding debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.