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L Brands gives early results for $700M senior notes exchange offer

L Brands Inc. said $325 million aggregate principal amount of senior notes were validly tendered by the end of the early participation period under its private exchange offer for notes up to $700 million in principal amount.

As of 5 p.m. ET on June 13, nearly $61.6 million of the outstanding 7% senior notes due 2020, about $220.1 million of the 6.625% senior notes due 2021 and approximately $43.8 million of the 5.625% outstanding senior notes due in 2022 have been tendered and accepted, with a total exchange consideration of $1,070.94, $1,082.87 and $1,032.15, respectively. The total exchange includes an early participation premium of $50.

The new notes will mature Jan. 15, 2027, and will bear interest at a rate per annum of 6.694%.

The offer is set to expire June 27.