L Brands to price $500 million 10-year bullet in Monday drive-by; whisper is low-to-mid 5% area

By Paul A. Harris

Portland, Ore., Jan. 8 – L Brands, Inc. plans to price $500 million of 10-year senior bullet notes in a quick-to-market Monday trade, according to market sources.

The public offering comes with initial guidance in the low-to-mid 5% area.

BofA Merrill Lynch, Citigroup Global Markets Inc., HSBC Securities, J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the joint bookrunners.

Barclays, ICBC, Standard Bank, KeyBanc Capital Markets, Mizuho Securities and U.S. Bancorp Investments Inc. are the senior co-managers.

Huntington Capital Markets, Scotia Capital, Standard Chartered Bank and TD Securities are the co-managers.

The notes feature a make-whole call but are otherwise non-callable. They also feature a three-year 35% equity clawback and a 101% poison put.

The Columbus, Ohio-based operator of specialty stores plans to use the proceeds to redeem its 8˝% senior notes due June 15, 2019.

L Brands operates Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bendel.

© 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.