COLUMBUS, Ohio, June 30, 2021 (GLOBE NEWSWIRE) L Brands, Inc. (“L Brands”) (NYSE: LB) announced today that the previously announced offering by its subsidiary, Victoria’s Secret & Co. (“Victoria’s Secret”), of $500 million aggregate principal amount of senior notes due 2029 (the “Notes”) was upsized to an aggregate principal amount of $600 million and priced with a coupon of 4.625% in a private placement offering to eligible purchasers. The initial offering price of the Notes to investors will be 100% of their principal amount. Additionally, L Brands announced today that the previously announced syndication by Victoria’s Secret of term loans in an aggregate principal amount $400 million (the “Term Loan Facility”) has allocated with an initial margin of LIBOR (with a LIBOR floor of 0.50%) plus 3.25%. The Term Loan Facility will have an original issue discount of 1.00%. The offering of the Notes is expected to close on July 15, 2021, subject to customary closing conditions. The Term Loan Facility is expected to close at or about the time of the Separation (as defined below). Victoria’s Secret is a recently formed company, which L Brands intends to separate from its current business by means of a spin-off to its shareholders (the “Separation”).

Prior to the completion of the Separation, Victoria’s Secret intends to use the net proceeds from the offering of the Notes and the initial borrowing under the Term Loan Facility, after deducting discounts and commissions to the initial purchasers of the Notes and estimated offering expenses, to fund a portion of a cash payment to L Brands. Pending completion of the Separation, proceeds from the offering of the Notes will be deposited into escrow for the benefit of the holders of the Notes.

The Notes will be senior unsecured obligations. Upon issuance, the Notes will not be guaranteed. However, from and after the date on which the proceeds of the offering are released from escrow, the Notes will be guaranteed by each of Victoria’s Secret’s existing and future wholly-owned domestic restricted subsidiaries that (i) guarantees its senior credit facilities, (ii) is a borrower under its ABL Facility or (iii) guarantees or incurs any other material debt.

The loans under the Term Loan Facility will be senior secured obligations of Victoria’s Secret guaranteed by all of Victoria’s Secret’s existing and future material wholly-owned domestic restricted subsidiaries, subject to customary exceptions to be set forth in the documentation for the Term Loan Facility.

The Notes are not being 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.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities or any loans or commitments in respect of the Term Loan Facility and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities or any loans or commitments in respect of the Term Loan Facility in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering in respect of the Notes is made only by, and pursuant to, the terms set forth in the related offering memorandum. The offering in respect of the Notes is not being made to persons 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 L BRANDS:
L Brands, through its Bath & Body Works, Victoria’s Secret and PINK brands, is an international company. L Brands operates 2,681 company-operated specialty stores in the United States, Canada and Greater China, in more than 700 franchised locations worldwide and through its websites worldwide.

ABOUT VICTORIA’S SECRET & CO:
Victoria’s Secret is the world’s largest specialty retailer offering a wide assortment of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear and athleisure, as well as award-winning prestige fragrances and body care. With nearly 1,400 retail stores worldwide and a predominately female workforce of more than 25,000, Victoria’s Secret boasts the largest team of specialty trained bra fit experts worldwide. Victoria’s Secret is committed to inspiring women around the world with products and experiences that uplift and champion them and their journey while creating lifelong relationships and advocating for positive change.