 COLUMBUS, Ohio, June 30, 2021 GLOBE NEWSWIRE -- L Brands, Inc. L Brands NYSE: LB announced today that the previously announced offering by its subsidiary, Victorias Secret Co. Victorias Secret, of 500 million aggregate principal amount of senior notes due 2029 the Notes was upsized to an aggregate principal amount of 600 million and priced with a coupon of 4.625 in a private placement offering to eligible purchasers. The initial offering price of the Notes to investors will be 100 of their principal amount. Additionally, L Brands announced today that the previously announced syndication by Victorias Secret of term loans in an aggregate principal amount 400 million the Term Loan Facility has allocated with an initial margin of LIBOR with a LIBOR floor of 0.50 plus 3.25. The Term Loan Facility will have an original issue discount of 1.00. The offering of the Notes is expected to close on July 15, 2021, subject to customary closing conditions. The Term Loan Facility is expected to close at or about the time of the Separation as defined below. Victorias Secret is a recently formed company, which L Brands intends to separate from its current business by means of a spin-off to its shareholders the Separation. 