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    LB   US5017971046

L BRANDS

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Bath & Body Works, Inc. Announces Early Tender Results of Its Cash Tender Offers

09/02/2021 | 07:30am EDT

Bath & Body Works, Inc. announced that it has accepted $450.1 million in aggregate principal amount of Notes for early settlement in its previously announced tender offers (the “Tender Offers”) to purchase for cash its outstanding (i) 5.625% Senior Notes due 2023 (the “2023 Notes”), (ii) 9.375% Senior Notes due 2025 (the “2025 Notes”) and (iii) 6.694% Senior Notes due 2027 up to a maximum aggregate principal amount of Notes of $500.0 million. The Tender Offers are subject to the Sub-Cap, the order of priority and proration provisions set forth in the Offer to Purchase described below. The Tender Offers provide for early settlement of Notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on September 1, 2021. The Company intends to make payment for such Notes accepted for purchase on September 3, 2021. The maximum aggregate amount of Notes to be purchased by the Company for the 2025 Notes and 2027 Notes is limited to $180.0 million (the “Sub-Cap”). As the purchase of all 2025 Notes and 2027 Notes validly tendered and not validly withdrawn at or before the Early Tender Time would result in the Sub-Cap being exceeded, the Notes that were accepted for purchase by company were prorated so as to accept the maximum principal amount of Notes that did not result in the Sub-Cap being exceeded. As a result of proration, $180.0 million aggregate principal amount of 2025 Notes were accepted for purchase for an aggregate purchase price of $234.0 million, excluding accrued and unpaid interest; no 2027 Notes were accepted for purchase. $270.1 million aggregate principal amount of 2023 Notes were accepted for purchase for an aggregate purchase price of $297.8 million, excluding accrued and unpaid interest. The Company retained Citigroup Global Markets Inc. as the lead dealer manager for the Tender Offers and BofA Securities, Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC as co-dealer managers.


ę S&P Capital IQ 2021
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Financials (USD)
Sales 2022 7 764 M - -
Net income 2022 1 132 M - -
Net Debt 2022 2 928 M - -
P/E ratio 2022 16,1x
Yield 2022 0,81%
Capitalization 17 155 M 17 155 M -
EV / Sales 2022 2,59x
EV / Sales 2023 2,40x
Nbr of Employees 57 350
Free-Float 89,6%
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 20
Last Close Price 64,89 $
Average target price 82,05 $
Spread / Average Target 26,4%
EPS Revisions
Managers and Directors
Andrew M. Meslow Chief Executive Officer & Director
Wendy C. Arlin Chief Financial Officer & Executive Vice President
Sarah Elizabeth Nash Chairman
Chris Cramer Chief Operating Officer
Michael G. Morris Independent Director
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