Victoria’s Secret reportedly borrows $500 million to finance break up from Tub & Physique Works

Pedestrians stroll previous a Tub & Physique Works retailer.

Craig Warga | Bloomberg | Getty Photographs

Lingerie retailer Victoria’s Secret is taking out a $500 million mortgage to finance its break up from Tub & Physique Works, Bloomberg Information reported Monday.

The mortgage is due 2028 and will pay curiosity that is 300 to 325 foundation factors above Libor, Bloomberg reported, citing an unnamed supply. JPMorgan Chase is overseeing the sale, with investor orders due by June 30, the report stated.

The report comes after father or mother firm L Manufacturers introduced the spin-off final month that will separate the 2 manufacturers into unbiased, publicly traded firms by August.

Representatives for Victoria’s Secret, Tub & Physique Works, L Manufacturers and JPMorgan Chase didn’t instantly reply to CNBC’s requests for remark.

Final month, L Manufacturers reported quarterly numbers that beat analyst expectations. The corporate stated its outcomes have been pushed by extra prospects paying full worth for merchandise and powerful momentum throughout its completely different divisions.

Learn extra in regards to the new mortgage in Bloomberg.

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