UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
March 12, 2021 (
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Item 7.01. Regulation FD Disclosure.
On March 12, 2021, the Company issued a press release announcing a number of actions, including updating its guidance with respect to its first quarter earnings.
Item 8.01. Other Events.
Repayment of Senior Notes due 2022 and Senior Secured Notes due 2025
On March 12, 2021, the Company announced that it intends to redeem $1.035 billion of debt through a call of all $285 million of its outstanding bonds due February 15, 2022 and all $750 million of its outstanding secured bonds due July 1, 2025. The Company issued this call on March 12, 2021 and anticipates using approximately $1.1 billion in cash to complete the debt repayment.
New Share Repurchase Plan
On March 12, 2021, the Company announced that it intends to enter into a new $500 million share repurchase plan, including the Company’s entry into a $250 million Rule 10b5-1 repurchase plan to effectuate such share repurchase plan. This plan replaces the remaining $79 million under the previously authorized program.
Reinstatement of Annual Dividend
On March 12, 2020, the Company announced the reinstatement of the Company’s annual dividend at $0.60 per share, beginning with the quarterly dividend to be paid in June 2021.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein except with regards to the third paragraph therein regarding first quarter 2021 guidance.
Item 9.01. Financial Statements and Exhibits.
| Exhibit 99.1 | Press Release dated March 12, 2021 entitled “L Brands Announces Actions to Drive Further Shareholder Value.” |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| L Brands, Inc. | |||
| Date: | March 12, 2021 | By: | /s/ STUART B. BURGDOERFER |
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Stuart B. Burgdoerfer Executive Vice President and Chief Financial Officer | |||