Landbridge Company Llc Stock Price, News & Analysis

L Brands, Inc. (NYSE: LB) announced the expiration of its tender offers to purchase cash for its Senior Notes due 2022, 2023, 2037, and Exchange Debentures due 2033, with a maximum aggregate purchase price of $1 billion. As of the expiration date on October 14, 2020, the company accepted $808.47 million in principal amount of Notes, resulting in a payment of approximately $850.52 million on the settlement date of October 16, 2020. While the 2022 Notes received sufficient consent for proposed amendments, the 2023 Notes did not receive the requisite consent required for amendments.

L Brands, Inc. (NYSE: LB) announced an increase in the maximum aggregate purchase price for its Tender Offers from $750 million to $1 billion. This change affects its outstanding Senior Notes due 2022, 2023, 2037, and Exchange Debentures due 2033. The company is conditioning the Tender Offers on receiving proceeds from issuing at least $1 billion in senior unsecured debt securities. The Tender Offers will expire on October 14, 2020, unless extended, with key purchase dates set for October 1 and October 16, 2020.

L Brands announced an upsized offering of $1 billion in senior notes due 2030 with a 6.625% coupon, initially set at $750 million. The notes are guaranteed by domestic subsidiaries and are intended for a private placement. Proceeds will fund tender offers for certain outstanding notes totaling up to $1 billion. The offering closes on September 30, 2020, and is not contingent on the tender offers. The notes are not registered under the Securities Act, limiting their resale.

L Brands, Inc. (NYSE: LB) announced a private placement offering of $750 million in senior notes due 2030, guaranteed by domestic subsidiaries. The funds are designated for cash tender offers on existing senior notes, including those due in 2022, 2023, and 2037, with the intent to reduce overall debt. The offering is not contingent on the success of the tender offers and is aimed at refinancing efforts to enhance financial stability.

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.