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Victoria’s Secret to issue $500 million of 8-year bonds to fund part of cash payment to L Brands ahead of spinoff

Economy, Finance

L Brands Inc. said Tuesday its Victoria’s Secret & Co. unit is planning to issue $500 million of 8-year bonds in a private placement to fund a portion of a cash payment to L Brands. Victoria’s Secret was recently formed as part of a plan by L Brands to spin it off to shareholders. L Brands shares were down about 1% premarket, but have gained 90% in the year to date, while the S&P 500 has gained 14%.

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