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Limited Brands tenders for up to $300 million 6 1/8% notes, 5¼% notes
By Angela McDaniels
Tacoma, Wash., April 20 - Limited Brands, Inc. has begun tender offers for its $191.5 million outstanding principal amount of 6 1/8% notes due 2012 and its $500 million outstanding principal amount of 5¼% notes due 2014, according to a company news release.
In the first offer, the company is offering to purchase any and all of its 6 1/8% notes. In the second offer, it will purchase a principal amount of its 5¼% notes equal to $300 million minus the principal amount of 6 1/8% notes purchased in the first offer.
The 5¼% notes will be accepted on a pro rata basis if the principal amount tendered exceeds the amount available under the tender cap.
For each $1,000 principal amount, holders will receive $1,080 for 6 1/8% notes and $1,040 for 5¼% notes. These amounts include an early tender payment of $30 per $1,000 principal amount of notes tendered by 5 p.m. ET on May 3.
The company will also pay accrued interest up to but excluding the settlement date.
Limited Brands said it may choose to settle 6 1/8% notes tendered by the early tender date as soon as May 4.
Both offers will expire at midnight ET on May 17.
The company will fund the offers with the proceeds from an offering of $300 million principal amount of senior notes due 2020. The offers are conditioned on the consummation of this notes offering.
Limited Brands said that since Jan. 31, 2009, it has repaid or refinanced more than $800 million in debt maturing in 2012. The tender offers allow it to further extend its maturity profile.
The dealer manager for the tender offers is Banc of America Securities LLC (call debt advisory services at 888 292-0070 or 980 388-9217). The information agent is D.F. King & Co., Inc. (800 848-3416 or 212 269-5550).
Limited Brands is a specialty retailer based in Columbus, Ohio.
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