Press Release: L Brands Announces Upsize of Previously Announced Tender Offers for 5.625% Senior Notes due 2022, 5.625% Senior Notes due 2023, 7.60% Notes due 2037 and 6.95% Exchange Debentures due 2033
Press Release: L Brands Announces Upsize of Previously Announced Tender Offers for 5.625% Senior Notes due 2022, 5.625% Senior Notes due 2023, 7.60% Notes due 2037 and 6.95% Exchange Debentures due 2033
Press Release: L Brands Announces Upsize of Previously Announced Tender Offers for 5.625% Senior Notes due 2022, 5.625% Senior Notes due 2023, 7.60% Notes due 2037 and 6.95% Exchange Debentures due 2033
新聞稿：L Brands宣佈擴大先前宣佈的投標報價，投標報價為2022年到期的5.625%的優先債券、2023年到期的5.625%的優先債券、2037年到期的7.60%的債券和2033年到期的6.95%的交換債券
L Brands Announces Upsize of Previously Announced Tender Offers for 5.625% Senior Notes due 2022, 5.625% Senior Notes due 2023, 7.60% Notes due 2037 and 6.95% Exchange Debentures due 2033
L Brands宣佈擴大先前宣佈的投標報價，投標報價為2022年到期的5.625%的優先債券，2023年到期的5.625%的優先債券，2037年到期的7.60%的債券和2033年到期的6.95%的交換債券
COLUMBUS, Ohio, Sept. 16, 2020 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE: LB) announced today that, in connection with its offers (the "Tender Offers") to purchase for cash its outstanding (i) 5.625% Senior Notes due 2022 (the "2022 Notes"), (ii) 5.625% Senior Notes due 2023 (the "2023 Notes"), (iii) 7.60% Notes due 2037 (the "2037 Notes") and (iv) 6.95% Exchange Debentures due 2033 (the "2033 Notes" and, together with the 2022 Notes, the 2023 Notes and the 2037 Notes, the "Notes"), it is increasing the maximum aggregate purchase price (excluding accrued and unpaid interest) of the Notes that it will accept for purchase from the previously announced amount of $750 million to $1 billion (as amended herein, the "Maximum Aggregate Purchase Price"). Additionally, the company announced that it is conditioning its obligation to accept for purchase and to pay for any of the Notes in the Tender Offers on the receipt of the proceeds from an issuance of senior unsecured debt securities in an aggregate principal amount of at least $1 billion, on terms and subject to conditions reasonably satisfactory to the company, an increase from the previously announced condition that required such receipt of proceeds to result from an issuance of senior unsecured debt securities in an aggregate principal amount of at least $750 million (as amended herein, the "Financing Condition"). The other terms and conditions of the Tender Offers remain unchanged.
俄亥俄州哥倫布，9月環球新聞社，2020年16日--L Brands，Inc.(紐約證券交易所股票代碼：LB)今天宣佈，就其以現金方式購買其未償還債券(I)2022年到期的5.625%優先債券(以下簡稱“2022年債券”)、(Ii)2023年到期的5.625%優先債券(以下簡稱“2023年債券”)、(Iii)2037年到期的7.60%債券(以下簡稱“2037年債券”)及(Iv)2033年到期的6.95%的交換債券(“2033年債券”)，以及2022年到期的債券，2023年債券和2037年債券(下稱“債券”)，將把它將接受購買的債券的最高總購買價(不包括應計和未付利息)從先前宣佈的7.5億美元提高到10億美元(經本文修訂，稱為“最高總購買價”)。此外，該公司宣佈，它的義務是在收到發行本金總額至少10億美元的優先無擔保債務證券的收益時，接受購買併為投標要約中的任何票據付款，這一條件符合公司合理滿意的條款和條件，比之前宣佈的條件有所增加，該條件要求此類收益必須來自發行本金總額至少7.5億美元的優先無擔保債務證券(經本文修訂的“融資條件”)。投標要約的其他條款和條件保持不變。
Except as provided above, the complete terms and conditions of the Tender Offers and Consent Solicitations (as defined below) are set forth in the Offer to Purchase and Consent Solicitation Statement dated September 16, 2020 (as amended by this press release, 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.
除上述規定外，投標要約及徵求同意書(定義見下文)的完整條款及條件載於日期為2020年9月16日的要約購買及徵求同意書聲明(經本新聞稿修訂後的“購買要約”)，現正發送予債券持有人。本新聞稿中使用的未在本文中定義的大寫術語具有收購要約中賦予它們的含義。
The maximum aggregate purchase price to be paid by the company for the 2037 Notes and 2033 Notes, excluding accrued but unpaid interest, is limited to $50 million (the "Sub-Cap"). Subject to the Maximum Aggregate Purchase Price 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 4 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. If the acceptance of all tenders in the Tender Offers would result in a maximum aggregate purchase price (excluding accrued and unpaid interest) that exceeds the Maximum Aggregate Purchase Price, tenders will be subject to proration arrangements as described in the Offer to Purchase.
該公司為2037年債券及2033年債券支付的最高買入價上限為5,000萬元(“附屬上限”)，但不包括應累算但未支付的利息。在受制於最高買入價及/或附屬上限的情況下，投標要約所購買的一系列債券的金額將按下表所載該系列債券的優先次序(“接納優先次序”)釐定，1為最高接納優先次序，4為最低接納優先次序，詳見要約購買。該公司可能不會接納所有根據投標要約進行投標的債券。如果接受投標要約中的所有投標將導致最高購買總價(不包括應計和未付利息)超過最高購買總價，投標將遵循購買要約中所述的按比例分配安排。
Certain key terms of the Tender Offers are summarized in the table below:
下表彙總了投標報價的某些關鍵條款：
Dollars per $1,000 Principal Amount of Notes Aggregate Principal Amount Acceptance Total CUSIP Outstanding Priority Tender Offer Early Tender Consideration(1)(2)
Series of Notes Number/ISIN ($) Level Consideration(1) ($) Premium ($) ($)
5.625% Senior 532716AU1 / Notes due 2022 US532716AU19 $ 860,466,000 1 $ 997.50 $ 50.00 $ 1,047.50
5.625% Senior 501797AJ3 / Notes due 2023 US501797AJ37 $ 500,000,000 2 $ 1,010.00 $ 50.00 $ 1,060.00
7.60% Notes due 532716AN7 / 2037 US532716AN75 $ 300,000,000 3 $ 900.00 $ 50.00 $ 950.00
6.95% Exchange Debentures due 532716AK3 / 2033 US532716AK37 $ 350,000,000 4 $ 870.00 $ 50.00 $ 920.00
每$1,000元債券本金總額本金接納總額CUSIP尚未完成的優先投標要約提早投標代價(1)(2)
債券系列編號/ISIN(元)水平對價(1)(元)溢價(元)(元)
5.625%2022年到期的高級532716AU1/債券532716AU19$860,466,000 1$997.50$50$1,047.50
5.625%2023年到期的501797AJ3/債券501797AJ37$500,000,000 2$1,010.00$50.00$1,060.00
7.60%債券到期532716AN7/2037年美國532716AN75$300,000 3$900.00$50$950.00
6.95%交換債券到期532716AK3/2033年US532716AK37$350,000,000 4$870.00$50$920.00
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(1) Does not include accrued but unpaid interest, which will also be payable as provided herein.
(1)不包括應計但未付的利息，而該等利息亦須按本條例的規定支付。
(2) Includes an Early Tender Premium of $50 for each $1,000 aggregate principal amount of Notes validly tendered prior to the Early Tender Time referred to below (and not validly withdrawn) and accepted for purchase by us.
(2)包括每1,000元本金總額的提早投標溢價50元，該批債券在下文所述提早投標時間前有效投標(及未有效撤回)，並獲吾等接納購買。
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 29, 2020 (unless extended), but may not be withdrawn thereafter, except in limited circumstances required by law. The Tender Offers will expire at 11:59 p.m., New York City time, at the end of the day on October 14, 2020, unless extended (such date and time, as the same may be extended, the "Expiration Date") or earlier terminated by us. 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 29, 2020, unless extended. Subject to the terms and conditions of the Tender Offers, (i) the date of purchase for Notes validly tendered on or before the Early Tender Time and accepted for purchase is currently expected to be October 1, 2020 (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 October 16, 2020 (the "Settlement Date"). All Holders of Notes accepted for purchase pursuant to the Tender Offers will also receive the accrued and unpaid interest applicable to such Notes from the last interest payment date until, but not including, the Early Settlement Date or Settlement Date, as applicable.
有效投標及接受購買的每1,000元本金債券的對價將按要約購買內所述的方式釐定。如要約購買中所述，投標票據可在紐約市時間2020年9月29日下午5點或之前撤回(除非延期)，但此後不得撤回，除非法律規定的有限情況下。投標報價將於2020年10月14日紐約時間晚上11：59到期，除非我們延期(可延長的日期和時間，“到期日期”)或更早終止投標報價。為了獲得適用的總對價，除非延期，否則債券持有人必須在提前投標時間，即紐約市時間2020年9月29日下午5點或之前有效地投標，而不是有效地撤回他們的債券。在符合投標要約的條款及條件下，(I)於提早投標時間或之前有效投標並獲接納購買的債券的購買日期目前預計為2020年10月1日(“提早交收日期”)，而於屆滿日期或之前有效投標並獲接納購買的債券(於提早交收日期購買的債券除外)的購買日期目前預計為2020年10月16日(“提早交收日期”)。所有根據投標要約接受購買的票據持有人，亦會收到自上次付息日起至(但不包括)提早結算日或交收日(視何者適用而定)適用於該等票據的應計及未付利息。
The Tender Offers and Consent Solicitations are subject to the satisfaction or waiver of certain conditions, including the Financing Condition.
投標要約和徵求同意取決於某些條件的滿足或放棄，包括融資條件。
As part of the Tender Offers, L Brands, Inc. is also soliciting consents (the "Consent Solicitations") from the holders of the 2022 Notes and the 2023 Notes (collectively, the "Consent Notes") for certain proposed amendments described in the Offer to Purchase that would, among other things, eliminate certain of the restrictive covenants under each indenture governing a series of Consent Notes (the "Proposed Amendments"). Adoption of the Proposed Amendments with respect to each series of Consent Notes requires the requisite consent applicable to each series of Consent Notes as described in the Offer to Purchase (the "Requisite Consent"). Each holder tendering Consent Notes pursuant to the Tender Offers must also deliver a consent to the Proposed Amendments pursuant to the related Consent Solicitation and will be deemed to have delivered their consents by virtue of such tender. Holders may not deliver consents without also tendering their Consent Notes. The Proposed Amendments will not become operative until (i) Consent Notes of the relevant series satisfying the Requisite Consent have been validly tendered and (ii) L Brands, Inc. consummates the Tender Offer with respect to such series of Consent Notes in accordance with its terms and in a manner resulting in the purchase of all Consent Notes of such series validly tendered before the Early Tender Time (if the aggregate purchase price, excluding accrued but unpaid interest, of Notes validly tendered before the Early Tender Time equals or exceeds the Maximum Aggregate Purchase Price) or before the Expiration Date (if it does not). If the Proposed Amendments become operative with respect to a series of Consent Notes, holders of that series of Consent Notes that do not tender their Consent Notes prior to the Expiration Date, or at all, will be bound by the Proposed Amendments, meaning that the remaining outstanding Consent Notes of that series will no longer have the benefit of certain existing covenants contained in the applicable Indenture. In addition, such holders will not receive either the Tender Offer Consideration or the Early Tender Premium.
作為投標要約的一部分，L Brands，Inc.還就購買要約中描述的某些擬議修訂徵求2022年票據和2023年票據(統稱為“同意票據”)持有人的同意(“同意徵求意見”)，這些修訂將取消管理一系列同意票據的每個契約下的某些限制性契約(“擬議修訂”)。通過對每一系列同意書的擬議修訂，需要適用於購買要約中所述的每一系列同意書的必要同意(“必要同意”)。根據投標要約提交同意書的每名持有人也必須根據相關的同意徵求意見遞交對建議修訂的同意書，並將被視為已根據該投標交付其同意書。持有同意書的人士在遞交同意書時，不得同時提交同意書。建議的修訂將不會生效，直至(I)滿足所需同意的相關係列同意票據已有效投標，及(Ii)L Brands，Inc.按照其條款及方式就該系列同意票據完成投標要約，以導致在提早投標時間前(如在提早投標時間之前有效投標的票據的總購買價(不包括應計但未付利息)等於或超過最高總購買價)或在到期日(如不是)前有效地購買該系列的所有同意票據。如果擬議的修訂對一系列同意書生效，則在有效期屆滿前沒有提交同意書或根本沒有提交同意書的該系列同意書的持有人將受擬議修訂的約束, 這意味着該系列中剩餘的未完成同意票據將不再享有適用契約中所載某些現有契諾的利益。此外，這些持有人將不會收到投標要約對價或提前投標溢價。
The company expressly reserves the right for any reason, subject to applicable law, to extend, abandon, terminate or further amend the Tender Offers and Consent Solicitations. The Tender Offers are not conditioned on the tender of any minimum principal amount of Notes, the consummation of any other Tender Offer or obtaining any Requisite Consent.
根據適用法律，公司明確保留以任何理由延長、放棄、終止或進一步修改投標要約和同意邀請書的權利。投標要約並不以投標任何最低本金債券、完成任何其他投標要約或取得任何必需的同意為條件。
Copies of the Offer to Purchase may be obtained from the information agent, Global Bondholder Services Corporation, by calling (212) 430-3774 (banks and brokers) or (866) 470-2200 (all others) or by email to contact@gbsc-usa.com or from the lead dealer manager for the Tender Offers: J.P. Morgan Securities LLC, by calling collect at (212) 834-2045 or toll free at (866) 834-4666.
購買要約的副本可以通過致電(212)430-3774(銀行和經紀商)或(866)470-2200(所有其他人)或通過電子郵件聯繫@gbsc-usa.com或從投標要約的主要交易商經理獲得：J.P.摩根證券有限責任公司，撥打對方付費電話(212)834-2045或免費電話(866)834-4666。
This press release shall not constitute an offer to purchase or a solicitation of an offer to sell with respect to any securities. Any offer or solicitation with respect to the Tender Offers will be made only by means of the Offer to Purchase, and the information in this press release is qualified by reference to the Offer to Purchase. The Tender Offers are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.
本新聞稿不應構成對任何證券的購買要約或要約出售要約。與投標要約有關的任何要約或徵集將僅通過購買要約的方式進行，本新聞稿中的信息以參考購買要約的方式進行限定。投標要約不會在任何司法管轄區內向票據持有人作出或接受，而在該司法管轄區內作出或接納投標要約會違反證券、藍天或其他司法管轄區的法律。債券持有人必須自行決定是否進行投標，以及在進行投標時，債券的本金金額。
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September 16, 2020 17:21 ET (21:21 GMT)
2020年9月16日東部時間17：21(格林尼治標準時間21：21)
譯文內容由第三人軟體翻譯。