COLUMBUS, Ohio, July 14, 2021 (GLOBE NEWSWIRE) L Brands, Inc. (“L Brands”) (NYSE: LB) announced today the pricing of the previously announced underwritten public secondary offering of 20,041,646 shares of its common stock (the “Offering”) by Leslie H. Wexner and certain affiliated selling stockholders (collectively, the “Selling Stockholders”) at a public offering price of $74.50 per share, for an aggregate purchase price of $1.49 billion. The Offering is expected to close on July 19, 2021, subject to customary closing conditions. L Brands will not receive any proceeds from the sale of shares by the Selling Stockholders in the Offering.

As previously announced, subject to and immediately following the closing of the Offering, L Brands has agreed to repurchase an aggregate of 10,000,000 shares of its common stock directly from one of the Selling Stockholders (the “Repurchase”). The price per share to be paid by L Brands will be equal to $73.01, which represents the public offering price in the Offering, less the underwriting discount, for an aggregate purchase price of $730.1 million. L Brands intends to fund the Repurchase with cash on hand. The Repurchase is part of the previously announced $1.5 billion share repurchase program recently authorized by the Board of Directors.

Following the Offering and the Repurchase, the Selling Stockholders will have disposed of all of their shares of L Brands’ common stock, other than 5,000,000 shares.

J.P. Morgan is acting as the sole book-running manager for the Offering. Goldman Sachs & Co. is acting as an advisor to L Brands.

The Offering was made pursuant to L Brands’ existing effective shelf registration statement on Form S-3, including a base prospectus, filed with the Securities and Exchange Commission (the “SEC”) on January 29, 2019, and a related prospectus supplement for the Offering. Prospective investors should read the prospectus supplement and the base prospectus in that registration statement and other documents L Brands has filed or will file with the SEC for more complete information about L Brands and the Offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the accompanying base prospectus for the Offering may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (866) 803-9204 or by email to prospectus-eq_fi@jpmchase.com.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these 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 Bath & Body Works, Victoria’s Secret and PINK, is an international company. The company operates 2,684 company-operated specialty stores in the United States, Canada and Greater China, in more than 700 franchised locations worldwide and through its websites worldwide.