LB - L Brands prices upsized $600M of 4.625% senior notes due 2029 and $400M term loan credit facility by its spin-off subsidiary Victoria's Secret
Victoria’s Secret & Co., spin-off subsidiary of L Brands (LB) has priced upsized private placement of $600M (from $500M) of 4.625% senior notes due 2029 at 100% of their principal amount.Additionally, L Brands announced that the previously announced syndication by Victoria’s Secret of term loans of $400M has allocated with an initial margin of LIBOR plus 3.25%.The Term Loan Facility will have an original issue discount of 1.00%.Offering of the notes is expected to close on July 15.The Term Loan Facility is expected to close at or about the time of the Separation. Net proceeds will be used to fund a portion of a cash payment to L fund.
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L Brands prices upsized $600M of 4.625% senior notes due 2029 and $400M term loan credit facility by its spin-off subsidiary, Victoria’s Secret