Landbridge Company Llc Stock Price, News & Analysis

L Brands, Inc. (NYSE: LB) has initiated tender offers to buy back its outstanding debt, including the 5.625% Senior Notes due 2022 and 2023, 7.60% Notes due 2037, and 6.95% Exchange Debentures due 2033, with a maximum purchase price of $750 million. The company also intends to redeem all 6.625% Senior Notes due 2021. The offers are subject to certain conditions, including receiving proceeds from new debt issuance. Tenders may be withdrawn until September 29, 2020, and offers expire on October 14, 2020.

L Brands has partnered with Next PLC to form a joint venture for its Victoria's Secret business in the U.K. and Ireland. The deal allows Next to acquire the majority of Victoria's Secret U.K. assets currently in administration. Under the agreement, Next will own 51% and L Brands will own 49% of the venture. The new entity will manage all Victoria's Secret stores in the region and integrate online operations by Spring 2021. This initiative aims to secure over 500 local jobs and improve profitability for Victoria's Secret, leveraging Next's market expertise.

L Brands (NYSE: LB) announced significant cost reductions, targeting approximately $400 million annually, mainly through its profit improvement plan for Victoria’s Secret. The plan involves a 15% reduction in home office headcount, aiming for $175 million savings in fiscal 2020, alongside managing inventory and store operational costs. Most Bath & Body Works and Victoria’s Secret stores have reopened with better-than-expected sales, although total net sales are projected to decline 20%. The company maintains a strong cash position of over $2.5 billion.

L Brands announced the closing of an offering to sell $750 million of 6.875% senior secured notes and $500 million of 9.375% senior notes, both due 2025. The Notes will not be registered under the Securities Act and are for qualified buyers. Proceeds will be used to redeem outstanding 2021 notes, fund retirement plan obligations of approximately $200 million, and for general corporate purposes, including refinancing short-term debts. The company emphasizes that future performance may vary due to numerous market risks.

L Brands announced a private placement of $750 million in 6.875% senior secured notes and $500 million in 9.375% senior unsecured notes, both due in 2025. The offerings are set to close on June 18, 2020. The secured notes are backed by substantially all assets excluding certain inventory and receivables. Net proceeds will be used to redeem outstanding 2021 notes, fund $200 million in retirement obligations, and for general corporate purposes. The offering is not registered under the Securities Act and is intended for eligible purchasers only.

L Brands (NYSE: LB) has announced a private placement offering of $750 million in senior secured notes and $500 million in senior unsecured notes, both maturing in 2025. The offering is subject to market conditions and will be secured by the company's assets, excluding certain inventory and receivables. Proceeds from the offering will be used to repurchase outstanding 2021 notes, fund $200 million in retirement plan obligations, and for general corporate purposes. These notes will not be registered under the Securities Act and will be sold only to eligible purchasers.

L Brands reported first quarter results for FY2020, revealing a net loss of $296.9 million, or $1.07 per share, compared to a profit of $40.3 million or $0.14 per share last year. Net sales fell to $1.654 billion, down from $2.629 billion due to store closures amid the COVID-19 pandemic. Bath & Body Works saw sales of $712.7 million, down from $870.7 million, but direct sales soared 85% to $288.9 million. The company has outlined plans for Bath & Body Works to operate as a standalone entity while preparing Victoria's Secret for separation. No guidance was provided for Q2 or full-year earnings.

L Brands (NYSE: LB) will announce its first quarter 2020 earnings on May 20 after market close. A live conference call will be held on May 21 at 9:00 a.m. ET, where executives will discuss the results. Interested parties can access the call via the company's website or by phone. L Brands operates 2,920 specialty stores globally through brands like Victoria’s Secret and Bath & Body Works. The results could provide insights into the company’s performance amid current market conditions.