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    LB   US5017971046

L BRANDS

(LB)
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Bath & Body Works, Inc. Launches Tender Offers for 5.625% Senior Notes Due 2023, 9.375% Senior Notes Due 2025 and 6.694% Senior Notes Due 2027

08/19/2021 | 07:30am EDT

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 As described in the Offer to Purchase, tendered Notes may be withdrawn on or before, 5:00 p.m., New York City time, on September 1, 2021 (unless extended), but may not be withdrawn thereafter, except in limited circumstances required by law.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.


ę S&P Capital IQ 2021
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Analyst Recommendations on L BRANDS
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Financials (USD)
Sales 2022 7 764 M - -
Net income 2022 1 125 M - -
Net Debt 2022 2 928 M - -
P/E ratio 2022 17,7x
Yield 2022 0,74%
Capitalization 18 815 M 18 815 M -
EV / Sales 2022 2,80x
EV / Sales 2023 2,62x
Nbr of Employees 57 350
Free-Float 89,6%
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Technical analysis trends L BRANDS
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 20
Last Close Price 71,17 $
Average target price 82,05 $
Spread / Average Target 15,3%
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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