Pedestrians stroll previous a Bathtub & Physique Works retailer.Craig Warga | Bloomberg | Getty PicturesLingerie retailer Victoria's Secret is
Pedestrians stroll previous a Bathtub & Physique Works retailer.
Craig Warga | Bloomberg | Getty Pictures
Lingerie retailer Victoria’s Secret is taking out a $500 million mortgage to finance its break up from Bathtub & 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 mum or dad firm L Manufacturers introduced the spin-off final month that might separate the 2 manufacturers into unbiased, publicly traded firms by August.
Representatives for Victoria’s Secret, Bathtub & 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 had been pushed by extra prospects paying full worth for merchandise and robust momentum throughout its completely different divisions.
Learn extra concerning the new mortgage in Bloomberg.