Bath & Body Works, Inc. Announces Early Tender Results of Its Cash Tender Offers
September 02, 2021 at 07:30 am EDT
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Bath & Body Works, Inc. announced that it has accepted $450.1 million in aggregate principal amount of Notes for early settlement in its previously announced tender offers (the “Tender Offers”) to purchase for cash its outstanding (i) 5.625% Senior Notes due 2023 (the “2023 Notes”), (ii) 9.375% Senior Notes due 2025 (the “2025 Notes”) and (iii) 6.694% Senior Notes due 2027 up to a maximum aggregate principal amount of Notes of $500.0 million. The Tender Offers are subject to the Sub-Cap, the order of priority and proration provisions set forth in the Offer to Purchase described below. The Tender Offers provide for early settlement of Notes that were validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on September 1, 2021. The Company intends to make payment for such Notes accepted for purchase on September 3, 2021. The maximum aggregate amount of Notes to be purchased by the Company for the 2025 Notes and 2027 Notes is limited to $180.0 million (the “Sub-Cap”). As the purchase of all 2025 Notes and 2027 Notes validly tendered and not validly withdrawn at or before the Early Tender Time would result in the Sub-Cap being exceeded, the Notes that were accepted for purchase by company were prorated so as to accept the maximum principal amount of Notes that did not result in the Sub-Cap being exceeded. As a result of proration, $180.0 million aggregate principal amount of 2025 Notes were accepted for purchase for an aggregate purchase price of $234.0 million, excluding accrued and unpaid interest; no 2027 Notes were accepted for purchase. $270.1 million aggregate principal amount of 2023 Notes were accepted for purchase for an aggregate purchase price of $297.8 million, excluding accrued and unpaid interest. The Company retained Citigroup Global Markets Inc. as the lead dealer manager for the Tender Offers and BofA Securities, Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC as co-dealer managers.
Bath & Body Works, Inc. is an omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its retail stores in the United States (U.S.) and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. Its international business is conducted through franchise, license and wholesale partners. It offers a range of care and home fragrance, including collections of fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Its products are differentiated through a combination of fragrance, packaging and quality at accessible prices. It also sells products under its sub brands, including White Barn. Its merchandise is sold through about 1,850 Company-operated stores and e-commerce sites in U.S. and Canada, and in 485 stores and 28 e-commerce sites in more than 40 other countries operating under franchise, license and wholesale arrangements.
BATH & BODY WORKS, INC. 
