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L Brands notes in focus amid joint venture news; LSC higher after purchase agreement
By James McCandless
San Antonio, Sept. 15 – The Tuesday session in the distressed debt market saw shifting ground in the retail space.
L Brands, Inc.’s notes varied after the company announced a joint venture that would see a British counterpart assume 51% control of Victoria’s Secret UK.
The 5¼% senior notes due 2028 shaved off ¼ point to close at 96½ bid. The 6.75% senior notes due 2036 held level to close at 101 bid.
In the middle of Tuesday’s activity, the Columbus, Ohio-based retailer announced that it had entered into a joint venture with British counterpart Next plc over its Victoria’s Secret U.K. division.
Next has agreed to acquire a 51% majority stake in the segment, which is in administration.
By Spring 2021, store operations in the U.K. and Ireland, as well as corresponding online commerce, will be managed by the partnership.
The amount of the sale has not been disclosed.
Meanwhile, printer LSC Communications, Inc.’s paper was moved to better levels after news broke of a stock and asset purchase agreement.
The 8¾% notes due 2023 rose ¼ point to close at 15¼ bid.
On Tuesday, the Chicago-based printing services provider said that it has entered into a stock and asset purchase agreement with an affiliate of Atlas Holdings LLC.
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