Limited Brands, Inc. Commences Tender Offer for 6-1/8% Notes Due 2012
21 July 2009 - 7:00AM
PR Newswire (US)
COLUMBUS, Ohio, July 20 /PRNewswire-FirstCall/ -- Limited Brands,
Inc. (NYSE:LTD) ("Limited Brands") announced today that it has
commenced a cash tender offer for any and all of its $294,600,000
outstanding 6-1/8% Notes due 2012, CUSIP No. 532716AH0 (the
"Notes"). (Logo:
http://www.newscom.com/cgi-bin/prnh/20020520/CLM001LOGO) Upon the
terms and subject to the conditions of the tender offer, holders
who validly tender their Notes at or prior to 5:00 p.m., Eastern
Time, on July 31, 2009 (the "Early Tender Date"), unless such date
is extended or the tender offer is terminated, will be entitled to
receive $980, payable in cash, for each $1,000 principal amount of
Notes accepted for payment, which amount includes an early tender
payment of $20 per $1,000 principal amount. The tender offer will
expire at 12:00 midnight, Eastern Time, on August 14, 2009 (the
"Expiration Date"), unless such date is extended or the tender
offer is terminated. Holders who validly tender their Notes after
the Early Tender Date but on or prior to the Expiration Date will
receive $960 per $1,000 principal amount of Notes accepted for
purchase. The offer contemplates an early settlement option and
holders whose Notes are tendered and accepted for purchase could
receive payment as early as August 3, 2009. Holders of Notes
accepted for purchase will receive accrued and unpaid interest up
to, but not including, the applicable payment date. Limited Brands
intends to use proceeds from its recent offering of 8-1/2% Senior
Notes due 2019 to purchase the Notes. Proceeds not spent to
purchase the Notes may be used in the Company's sole discretion to
repay its existing term loan, which also matures in 2012. The terms
and conditions of the tender offer are set forth in the Offer to
Purchase dated July 20, 2009 (the "Offer to Purchase"), and the
related Letter of Transmittal. Limited Brands may amend, extend or
terminate the tender offer. Limited Brands has retained Banc of
America Securities LLC and The Williams Capital Group, L.P. as the
dealer managers in connection with the tender offer. Questions
regarding the tender offer and requests for documents may be
directed to Banc of America Securities LLC, Global Debt Advisory
Services, at (888) 292-0070 (U.S. toll-free) and (980) 388-9217
(collect) and The Williams Capital Group, L.P., at (212) 373-4237.
Copies of the Offer to Purchase and Letter of Transmittal can also
be obtained from the information agent, D.F. King & Co., Inc.
at (800) 848-3416 (U.S. toll-free) and (212) 269-5550 (collect).
This press release shall not constitute an offer to purchase or a
solicitation of an offer to purchase with respect to any
securities. Any such offer or solicitation will be made only by
means of the Offer to Purchase dated July 20, 2009. The tender
offer is not being made to holders of Notes in any jurisdiction in
which the making or acceptance thereof would not be in compliance
with the securities, blue sky or other laws of such jurisdiction.
ABOUT LIMITED BRANDS: Limited Brands, through Victoria's Secret,
Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn
Candle Co. and Henri Bendel, presently operates 3,006 specialty
stores. The company's products are also available online at
http://www.victoriassecret.com/, http://www.bathandbodyworks.com/,
http://www.henribendel.com/ and http://www.lasenza.com/. FORWARD-
LOOKING STATEMENTS 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 involve risks
and uncertainties and are subject to change based on various
important 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 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: general
economic conditions, consumer confidence and consumer spending
patterns; the global economic crisis and its impact on our
suppliers, customers and other counterparties; the impact of the
global economic crisis on our liquidity and capital resources; the
dependence on a high volume of mall traffic and the possible lack
of availability of suitable store locations on appropriate terms;
the seasonality of our business; our ability to grow through new
store openings and existing store remodels and expansions; our
ability to expand into international markets; independent
licensees; our direct channel business including our new
distribution center; our failure to protect our reputation and our
brand images; our failure to protect our trade names and
trademarks; market disruptions including severe weather conditions,
natural disasters, health hazards, terrorist activities or the
prospect of these events; stock price volatility; our failure to
maintain our credit rating; our ability to service our debt; the
highly competitive nature of the retail industry generally and the
segments in which we operate particularly; consumer acceptance of
our products and our ability to keep up with fashion trends,
develop new merchandise, launch new product lines successfully,
offer products at the appropriate price points and enhance our
brand image; our ability to retain key personnel; our ability to
attract, develop and retain qualified employees and manage labor
costs; our reliance on foreign sources of production, including
risks related to: political instability; duties, taxes, other
charges on imports; legal and regulatory matters; volatility in
currency and exchange rates; local business practices and political
issues; potential delays or disruptions in shipping and related
pricing impacts; and the disruption of imports by labor disputes;
the possible inability of our manufacturers to deliver products in
a timely manner or meet quality standards; fluctuations in energy
costs; increases in the costs of mailing, paper and printing;
self-insured risks; our ability to implement and sustain
information technology systems; our failure to comply with
regulatory requirements; and legal 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 2008 Annual Report on Form 10-K.
http://www.newscom.com/cgi-bin/prnh/20020520/CLM001LOGODATASOURCE:
Limited Brands CONTACT: /PRNewswire -- July 20/ Web Site:
http://www.limitedbrands.com/ Company News On-Call:
http://www.prnewswire.com/comp/868075.html
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