L Brands, Inc. (NYSE:LB) Files An 8-K Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet ArrangementItem 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On January3, 2018, L Brands, Inc. (“L Brands” or the “Company”) issued a notice of redemption for the $500million aggregate principal amount outstanding of its 8.500% senior notes due 2019 (the “2019 Notes”). The redemption date for the 2019 Notes will be February2, 2018. The redemption price for the 2019 Notes will be calculated in accordance with the indenture governing the 2019 Notes and will be equal to the greater of (a) 50% of the principal amount of the Notes to be redeemed and (b)the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable treasury rate, plus 50 basis points, plus accrued interest thereon to the redemption date. The Company expects to use the proceeds of the Senior Notes Offering (as defined below), together with cash on hand, to fund the redemption.
The foregoing does not constitute a notice of redemption for the 2019 Notes.
Item 2.04 Other Events.
On January 8, 2018, the Company announced and priced the public offering (the “Senior Notes Offering”) of $500million aggregate principal amount of its 5.250% senior notes due 2028 (the “Senior Notes”). The Senior Notes are being offered to the prospectus supplement dated January 8, 2018, to the prospectus dated January29, 2016, which forms part of the Company’s shelf registration statement on Form S-3 (File No.333-209236) filed with the Securities and Exchange Commission on January29, 2016. The Company intends to use the proceeds from the Senior Notes Offering, after the payment of fees and expenses, together with cash on hand, to fund the redemption of the 2019 Notes.
Copies of the press releases announcing (i)the Senior Notes Offering and (ii)the pricing of the Senior Notes Offering are filed herewith as Exhibit 99.1 and Exhibit 99.2, respectively.
Item 2.04 Financial Statements and Exhibits.
(d) Exhibits
L Brands, Inc. ExhibitEX-99.1 2 d512154dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 L Brands Announces Proposed $500 Million Offering of Senior Notes Due 2028 Columbus,…To view the full exhibit click here
About L Brands, Inc. (NYSE:LB)
L Brands, Inc. operates specialty retail business. The Company is focused on women’s intimate and other apparel, personal care and beauty categories. The Company operates through three segments: Victoria’s Secret, Bath & Body Works, and Victoria’s Secret and Bath & Body Works International. Victoria’s Secret segment includes PINK, which is the specialty retailer of women’s intimate and other apparel with collections, fragrances, supermodels and runway shows. Bath & Body Works segment is the specialty retailer of home fragrance and personal care products, including shower gels, lotions, soaps and sanitizers. Victoria’s Secret and Bath & Body Works International segment includes the Victoria’s Secret and Bath & Body Works company-owned and partner-operated stores outside of the United States and Canada. The Company operates the retail brands, which include Victoria’s Secret, Bath & Body Works, La Senza and Henri Bendel. Henri Bendel is an operator of over 30 specialty stores.
