L Brands Prices Upsized $1 Billion Senior Notes Offering
28 October 2015 - 8:27AM
L Brands, Inc. (NYSE:LB) (the “Company”) announced today that its
previously announced offering of $400 million aggregate principal
amount of unsecured senior notes due 2035 (the “2035 Notes”) was
upsized to $1 billion and priced at par with a coupon of
6.875%. The 2035 Notes will be guaranteed by certain of the
Company’s subsidiaries.
The notes will not be registered under the Securities Act of
1933 (the “Securities Act”) or the securities laws of any state and
may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements under
the Securities Act and applicable state securities laws. The notes
may be resold by the initial purchasers pursuant to Rule 144A and
Regulation S under the Securities Act.
The Company intends to use the net proceeds of
the offering, after deducting underwriting discounts and commission
and estimated offering expenses, for general corporate purposes,
including capital expenditures, dividends and share
repurchases.
The securities have been offered only to persons
reasonably believed to be qualified institutional buyers under Rule
144A under the Securities Act and outside the United States in
compliance with Regulation S under the Securities Act. This press
release is being issued pursuant to Rule 135c under the Securities
Act, and is neither an offer to sell nor a solicitation of an offer
to buy any of the senior notes referred to above. There shall not
be any sale of any such securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
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 2,987 company-owned specialty
stores in the United States, Canada and the United Kingdom, and its
brands are sold in nearly 700 additional noncompany-owned 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
L Brands, Inc. cautions 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 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:
- 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 a high volume of 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 into global markets and
related risks;
- our relationships with independent franchise, license and
wholesale partners;
- our direct channel businesses;
- our failure to protect our reputation and our brand
images;
- our failure to protect our trade names, trademarks and
patents;
- 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 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;
- 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;
- fluctuations in foreign currency exchange rates;
- stock price volatility;
- our failure 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 employees
and manage labor-related costs;
- the inability of our manufacturers to deliver products in a
timely manner and meet quality standards;
- fluctuations in product input costs;
- 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 failure to maintain the security of customer, associate,
supplier or company information;
- our failure to comply with regulatory requirements;
- tax matters; and
- legal and compliance 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 or 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 2014 Annual Report on Form
10-K.
L Brands:
Investor Relations
Amie Preston
(614) 415-6704
apreston@lb.com
Media Relations
Tammy Roberts Myers
(614) 415-7072
communications@lb.com
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