L Brands, Inc. (the “Company”) (NYSE:LB) announced today that its
previously announced offering of $500 million aggregate principal
amount of unsecured senior notes due 2028 (the “2028 Notes”) priced
at 100.000% of the aggregate principal amount with a coupon of
5.250%. The sale of the 2028 Notes was underwritten by BofA Merrill
Lynch, Citigroup, HSBC, J.P. Morgan and Wells Fargo Securities as
joint book-running managers. The 2028 Notes will be guaranteed by
certain of the Company’s subsidiaries.
The notes offering is expected to close on January 23, 2018,
subject to customary closing conditions.
The Company intends to use proceeds from the offering, after the
payment of fees and expenses, together with cash on hand, for the
redemption of its outstanding 8.500% senior notes due 2019. The
foregoing does not constitute a notice of redemption or an
obligation to issue a notice of redemption for the outstanding
notes.
A registration statement relating to the offering of the 2028
Notes has been filed with the United States Securities and Exchange
Commission and is effective. This press release shall not
constitute an offer to sell nor an offer to buy any securities and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offer, solicitation or sale would be
unlawful. The offering of the 2028 Notes may be made only by means
of a prospectus supplement and the accompanying prospectus.
Copies of the prospectus supplement and the accompanying
prospectus may be obtained from (i) BofA Merrill Lynch,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC
28255-0001, Attn: Prospectus Department, or by e-mail at
dg.prospectus_requests@baml.com, (ii) Citigroup Global Markets
Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717, or by calling (800) 831-9146 or by e-mail at
prospectus@citi.com, (iii) HSBC Securities (USA) Inc., 452 Fifth
Avenue, New York, NY 10018, or by calling (212) 525-5000, (iv) J.P.
Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, NY 11717, or by calling (866)
803-9204 or (v) Wells Fargo Securities, LLC, 550 South Tryon
Street, Charlotte, NC 28202, by e-mail at
Robert.t.hammond@wellsfargo.com, or by calling (704) 410-0380.
ABOUT L BRANDS:
L Brands, through Victoria’s Secret, PINK, Bath & Body
Works, La Senza and Henri Bendel, is an international
company. The company operates 3,100 company-owned specialty
stores in the United States, Canada, the United Kingdom, Ireland
and Greater China, and its brands are sold in more than 800
additional franchised locations worldwide. The company’s
products are also available online at www.VictoriasSecret.com,
www.BathandBodyWorks.com, www.HenriBendel.com and
www.LaSenza.com.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is
defined in the Private Securities Litigation Reform Act of 1995)
contained in this press release or made by our company or our
management involve risks and uncertainties and are subject to
change based on various factors, many of which are beyond our
control. Accordingly, our future performance and financial results
may differ materially from those expressed or implied in any such
forward-looking statements. Words such as “estimate,” “project,”
“plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,”
“potential” and any similar expressions may identify
forward-looking statements. Risks associated with the following
factors, among others, in some cases have affected and in the
future could affect our financial performance and actual results
and could cause actual results to differ materially from those
expressed or implied in any forward-looking statements included in
this press release or otherwise made by our company or our
management:
• general economic conditions, consumer confidence,
consumer spending patterns and market disruptions including severe
weather conditions, natural disasters, health hazards, terrorist
activities, financial crises, political crises or other major
events, or the prospect of these events;
• the seasonality of our business;
• the dependence on mall traffic and the availability
of suitable store locations on appropriate terms;
• our ability to grow through new store openings and
existing store remodels and expansions;
• our ability to successfully expand internationally
and related risks;
• our independent franchise, license and wholesale
partners;
• our direct channel businesses;
• our ability to protect our reputation and our brand
images;
• our ability to attract customers with marketing,
advertising and promotional programs;
• our ability to protect our trade names, trademarks
and patents;
• the highly competitive nature of the retail
industry and the segments in which we operate;
• consumer acceptance of our products and our ability
to manage the life cycle of our brands, keep up with fashion
trends, develop new merchandise and launch new product lines
successfully;
• our ability to source, distribute and sell goods
and materials on a global basis, including risks related to:
- political instability, significant health hazards,
environmental hazards or natural disasters;
- duties, taxes and other charges;
- legal and regulatory matters;
- volatility in currency exchange rates;
- local business practices and political
issues;
- potential delays or disruptions in shipping and transportation
and related pricing impacts;
- disruption due to labor disputes; and
- changing expectations regarding product safety due to new
legislation;
• our geographic concentration of supplier and
distribution facilities in central Ohio;
• fluctuations in foreign currency exchange
rates;
• stock price volatility;
• our ability to pay dividends and related
effects;
• our ability to maintain our credit rating;
• our ability to service or refinance our debt;
• our ability to retain key personnel;
• our ability to attract, develop and retain
qualified associates and manage labor-related costs;
• the ability of our vendors to deliver products in a
timely manner, meet quality standards and comply with applicable
laws and regulations;
• fluctuations in product input costs;
• our ability to adequately protect our assets from
loss and theft;
• fluctuations in energy costs;
• increases in the costs of mailing, paper and
printing;
• claims arising from our self-insurance;
• our ability to implement and maintain information
technology systems and to protect associated data;
• our ability to maintain the security of customer,
associate, supplier or company information;
• our ability to comply with regulatory
requirements;
• legal and compliance matters; and
• tax, trade and other regulatory matters.
We are not under any obligation and do not intend to make
publicly available any update or other revisions to any of the
forward-looking statements contained in this press release to
reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events even if experience or
future events make it clear that any expected results expressed or
implied by those forward-looking statements will not be realized.
Additional information regarding these and other factors can be
found in Item 1A. Risk Factors in our 2016 Annual Report on Form
10-K.
For further information, please
contact:
L Brands: |
|
Investor
Relations
|
Media Relations |
Amie Preston |
Tammy Roberts
Myers |
(614) 415-6704 |
(614) 415-7072 |
apreston@lb.com |
communications@lb.com |
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