trending Market Intelligence /marketintelligence/en/news-insights/trending/ttcza4libark_c-6jod8yw2 content esgSubNav
In This List

L Brands launches exchange offers for up to $700M senior notes

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


L Brands launches exchange offers for up to $700M senior notes

U.S.-based apparel retailer L Brands Inc. said May 31 that it is making exchange offers to eligible holders of the company's outstanding senior notes for an aggregate principal amount up to $700 million.

The company, with this offer, intends to extend the maturity of the debt obligation related to the outstanding notes.

The retailer made three separate exchange offers for outstanding 7.000% senior notes due 2020, 6.625% senior notes due 2021 and 5.625% senior notes due 2022 for up to $700 million of aggregate principal amount of the new notes.

L Brands said it will not issue more than $100 million aggregate principal amount of new notes in exchange for 5.625% outstanding senior notes due in 2022.

The outstanding notes offered for exchange on or before early participation date will be given priority to the outstanding notes submitted after the date.

The outstanding notes will be exchanged based on a fixed spread pricing formula using the applicable fixed spread and the reference of U.S. Treasury security.

The notes will mature Jan. 15, 2027, and the offering is expected to close June 27.