In Place of Its Victoria’s Secret Sale, L Brands Offers $1.25B in Bonds to Fund Operations
After the COVID-19 pandemic dashed L Brands' (NYSE: LB) hopes of selling a controlling stake in its troubled Victoria's Secret brand, the company is floating a bond offering totaling $1.25 billion for cash to fund its business. L Brands had worked out a deal to sell Victoria's Secret to Sycamore Partners, a private equity firm, for approximately $525 million. L Brands and Sycamore eventually agreed to cancel the acquisition.
