Bath & Body Works, Inc. announced that it has commenced tender offers to purchase for cash its outstanding 5.625% Senior Notes due 2023 (the 2023 Notes), 9.375% Senior Notes due 2025 (the 2025 Notes) and 6.694% Senior Notes due 2027 (the 2027 Notes and, together with the 2023 Notes and the 2025 Notes, the Notes) up to a maximum aggregate principal amount of Notes of $500 million (the Maximum Aggregate Amount), subject to the Sub-Cap, the order of priority and proration provisions set forth in the Offer to Purchase described below. The maximum aggregate amount of Notes to be purchased by the company for the 2025 Notes and 2027 Notes is limited to $180 million (the Sub-Cap). The complete terms and conditions of the Tender Offers are set forth in the Offer to Purchase dated August 19, 2021 (the Offer to Purchase) that is being sent to holders of the Notes. Capitalized terms used in this press release and not defined herein have the meanings given to them in the Offer to Purchase. The Tender Offers are commencing today. Subject to the Maximum Aggregate Amount and/or the Sub-Cap, the amount of a series of Notes that is purchased in the Tender Offers will be based on the order of priority (the Acceptance Priority Level) for such series of Notes set forth in the table below, with 1 being the highest Acceptance Priority Level and 3 being the lowest Acceptance Priority Level, as further described in the Offer to Purchase. It is possible that the company may not accept all Notes tendered under the Tender Offers. The consideration for each $1,000 principal amount of Notes validly tendered and accepted for purchase will be determined in the manner described in the Offer to Purchase. As described in the Offer to Purchase, tendered Notes may be withdrawn on or before, 5:00 p.m., New York City time, on September 1, 2021 (unless extended), but may not be withdrawn thereafter, except in limited circumstances required by law. In order to receive the applicable Total Consideration, holders of Notes must validly tender and not validly withdraw their Notes on or before the Early Tender Time, which is 5:00 p.m., New York City time, on September 1, 2021, unless extended. Subject to the terms and conditions of the Tender Offers, the date of purchase for Notes validly tendered on or before the Early Tender Time and accepted for purchase is currently expected to be September 3, 2021 (the Early Settlement Date) and the date of purchase for Notes validly tendered on or before the Expiration Date and accepted for purchase (other than Notes purchased on the Early Settlement Date) is currently expected to be September 20, 2021.