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| Prospect News home > News index > List of issuers L > Headlines for L Brands, Inc. > News item |
S&P gives L Brands notes BB+
S&P said it assigned its BB+ issue-level rating to L Brands Inc.'s proposed $700 million senior notes due 2027.
The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 65%) recovery in the event of payment default.
All of the existing ratings on the company, including the BB+ corporate credit rating, are unchanged.
The outlook is stable.
L Brands intends to use the net proceeds from the proposed notes along with cash on hand to fund a tender offer, redeem existing notes and pay related transaction fees and expenses.
“We forecast credit metrics will be weak but still within ranges consistent for the ratings, with adjusted debt-to-EBITDA of about 3x this year,” S&P said in a news release.
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