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Bath & Body issues make-whole call for 5 5/8% notes due 2023
By Marisa Wong
Los Angeles, Sept. 17 – Bath & Body Works, Inc. issued a notice of redemption on Friday for any and all of its outstanding 5 5/8% senior notes due 2023, according to an 8-K filing with the Securities and Exchange Commission.
The notes will be redeemed on Oct. 18 at a make-whole price calculated using a discount rate of Treasuries plus 50 basis points.
As previously reported, Bath & Body Works launched a tender offer on Aug. 19 for the 2023 notes (Cusip: 501797AJ3) along with its 9 3/8% senior notes due 2025 (Cusip: 501797AU8, U51407AD3) and 6.694% senior notes due 2027 (Cusip: 501797AQ7, 501797AP9, U51407AC5).
As of the early tender deadline at 5 p.m. ET on Sept. 1, holders had tendered $270,129,000 of the 2023 notes. All of the early tendered notes were accepted for purchase, leaving $49,556,000 of the 2023 notes outstanding, according to a Sept. 2 announcement.
The home and personal fragrance products retailer is based in Columbus, Ohio.
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