L Brands gives interim results of tender, extends early premium period

By Rebecca Melvin

New York, Sept. 30 – L Brands, Inc. announced results to date of its Sept. 16 tender offer to purchase up to $1 billion cash for four series of notes, according to a press release on Wednesday.

Additionally, the company announced it is extending the early tender time to 11:59 p.m. ET on Oct. 14 from the old early tender deadline of Sept. 29.

As of 5 p.m. ET on Sept. 29, the following notes had been tendered, listed in order of acceptance priority level:

• $573,243,000 of L Brands’ $860,466,000 of 5 5/8% senior notes due 2022 (Cusip: 532716AU1) outstanding, or about 66.62% of the issue, for a purchase price of $1,047.50 per $1,000 of notes;

• $176, 633,000 of its $500 million of 5 5/8% senior notes due 2023 (Cusip: 501797AJ3) outstanding, for a purchase price of $1,060 per $1,000 of notes;

• $69,480,000 of its $300 million of 7.6% notes due 2037 (Cusip: 532716AN7) outstanding for a purchase price of $950 per $1,000 of notes; and

• $96,043,000 of its $350 million of 6.95% exchange debentures due 2033 (Cusip: 532716AK3) outstanding for a purchase price of $920.00 per $1,000 of notes.

The purchase price for each series included the early tender premium of $50.00 per $1,000 note. Noteholders who tender through Oct. 14 will now also receive the premium. Holders will also receive accrued interest.

As part of the tender, the company is also soliciting consents from holders of the 2022 and 2023 notes for proposed amendments that will eliminate certain restrictive covenants, among other things.

A supplemental indenture will be executed with respect to the settlement date on which the 2022 notes will be purchased because the requisite consent required was reached.

The offers will expire at 11:59 p.m. ET on Oct. 14.

The information agent is Global Bondholder Services Corp. (212 430-3774, 866 470-2200; contact@gbsc-usa.com).

The lead dealer manager is J.P. Morgan Securities LLC (212 834-2045, 866 834-4666).

L Brands is a Columbus, Ohio-based company that operates specialty stores featuring custom brands.

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