L Brands Announces Proposed $700 Million Offering of Senior Notes Due 2036
13 June 2016 - 10:57PM
L Brands, Inc. (NYSE:LB) announced today that it is offering to
sell $700 million aggregate principal amount of unsecured senior
notes due 2036 in a public offering underwritten by BofA Merrill
Lynch, Citigroup and J.P. Morgan as joint book-running managers.
The 2036 Notes will be guaranteed by certain of the Company’s
subsidiaries.
The Company intends to use proceeds from the offering, after the
payment of fees and expenses, for the redemption of its outstanding
6.900% notes due 2017 and for general corporate purposes. 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 2036
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 2036 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 BofA Merrill Lynch, NC1-004-03-43,
200 North College Street, 3rd floor, Charlotte NC 28255-0001,
Attn: Prospectus Department, or by email at
dg.prospectus_requests@baml.com, Citigroup Global Markets Inc., 390
Greenwich Street, New York, NY 10013 or by calling 1-212-723-6020
or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions,
1155 Long Island Avenue, Edgewood, NY 11717 or by calling
1-800-221-1037.
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 3,038 company-owned specialty stores in the United
States, Canada, the United Kingdom and Greater China, and its
brands are sold in more than 700 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
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 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 relationships with 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 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 employees
and manage labor-related costs;
- the ability of our manufacturers to deliver products in a
timely manner and meet quality standards and comply with applicable
laws and regulations;
- 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 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 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 2015 Annual Report on Form
10-K.
For further information, please contact:
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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