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Limited offers for 6 1/8% notes, 5¼% notes oversubscribed as of early tender date
By Susanna Moon
Chicago, May 4 - Limited Brands, Inc. announced the early settlement for all $133,544,000 of its 6 1/8% notes due 2012 tendered by 5 p.m. ET on May 3, the early tender date.
There is $57,917,000 principal amount of the 6 1/8% notes outstanding following the settlement.
Investors had tendered $416,056,000 principal amount of the 5¼% notes due 2014 as of the early tender date.
The 5¼% notes will be prorated. There is $83,944,000 principal amount of the notes that has not been tendered.
The company said on April 21 that it increased the tender cap on the offer to $400 million from $300 million for its $191.5 million of 6 1/8% notes and its $500 million of 5¼% notes.
In the first offer, the company is offering to purchase any and all of its 6 1/8% notes. In the second offer, it will purchase a principal amount of its 5¼% notes equal to $400 million minus the principal amount of 6 1/8% notes purchased in the first offer.
Because the principal amount of 5¼% notes tendered exceeds the amount available under the tender cap, they will be accepted on a pro rata basis.
For each $1,000 principal amount, holders will receive $1,080 for 6 1/8% notes and $1,040 for 5¼% notes. These amounts include an early tender payment of $30 per $1,000 principal amount of notes tendered by 5 p.m. ET on May 3.
The company will also pay accrued interest up to but excluding the settlement date.
Both offers will expire at midnight ET on May 17.
The company will fund the offers with the proceeds from an offering of $400 million principal amount of senior notes due 2020. The offers are conditioned on the consummation of this notes offering.
The dealer manager for the tender offers is Banc of America Securities LLC (call debt advisory services at 888 292-0070 or 980 388-9217). The information agent is D.F. King & Co., Inc. (800 848-3416 or 212 269-5550).
Limited Brands is a specialty retailer based in Columbus, Ohio.
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