L Brands sets late morning call for $500 million 10-year notes offer

By Paul A. Harris

Portland, Ore., Oct. 10 - L Brands, Inc. plans an investor conference call at 11:30 a.m. ET today to discuss its proposed $500 million offering of non-callable 10-year senior guaranteed notes (existing ratings Ba1/BB+), according to a syndicate source.

The deal is set to price later Thursday.

BofA Merrill Lynch is the left bookrunner for the public offering. Citigroup Global Markets and JP Morgan Securities LLC are the joint bookrunners.

HSBC and Wells Fargo Securities LLC are the senior co-managers. KeyBanc Capital Markets, Mitsubishi, Mizuho, RBS Securities, US Bancorp and Williams are the co-managers.

The notes feature a make-whole call at Treasuries plus 50 basis points, as well as a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to repay the company's 5¼% senior notes due November 2014 at maturity, and for general corporate purposes including repayment of the revolver, funding seasonal working capital, share repurchases and dividends.

The prospective issuer is a Columbus, Ohio-based company women's apparel company.

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