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L Brands (NYSE: LB) announced the global settlement of stockholder derivative claims regarding workplace misconduct, addressing issues raised since February 2020. This settlement includes corporate governance reforms such as a Diversity, Equity and Inclusion Council and enhanced policies for reporting harassment. Both Bath & Body Works and Victoria’s Secret will allocate $45 million over five years for governance initiatives. The settlement concludes the Special Committee's investigation and awaits court approval. Leaders express commitment to building a safe and inclusive workplace.

L Brands (NYSE: LB) has announced virtual investor meetings for Bath & Body Works and Victoria’s Secret & Co. on July 19, 2021, ahead of their planned tax-free spin-off in August 2021. CEOs Andrew Meslow and Martin Waters, along with their teams, will discuss strategic initiatives, growth plans, and value creation drivers.

The Bath & Body Works meeting starts at 8:30 a.m. Eastern, followed by Victoria’s Secret at 12:30 p.m. Eastern. Interested parties can preregister for the livestream and access archived replays on their website.

L Brands announced a public secondary offering of 20,041,646 shares at $74.50 per share, totaling approximately $1.49 billion. The offering, managed by J.P. Morgan, is expected to close on July 19, 2021. L Brands will not benefit financially from the sale. Additionally, L Brands has agreed to repurchase 10 million shares from a selling stockholder at $73.01 per share for $730.1 million, funded by cash on hand. This repurchase is part of a previously announced $1.5 billion share repurchase program.

L Brands, Inc. (NYSE: LB) announced a secondary offering of 20,041,646 shares by Leslie H. Wexner and affiliated sellers. L Brands will not receive proceeds from this sale. Following the offering, the company will repurchase 10,000,000 shares from a selling stockholder at the public offering price minus underwriting discounts, part of a newly authorized $1.5 billion repurchase program. This adjustment follows the company's earlier program from March 2021. After the offering and repurchase, the sellers will retain 5,000,000 shares.

L Brands announced significant capital structure actions, including a new $1.5 billion share repurchase program replacing a previous $500 million plan. For the nine-week period ending July 3, 2021, net sales reached $2.351 billion, a 72% increase from $1.369 billion in 2020. Bath & Body Works recorded $1.239 billion in sales, up 48% from 2019, while Victoria's Secret netted $1.112 billion, reflecting a 3% increase over the same period. The company anticipates Q2 earnings per share of $1.20 to $1.30, significantly above prior guidance. Additionally, an intent to reduce debt by $500 million is planned.

L Brands has announced the spin-off of its Victoria’s Secret business into an independent entity named Victoria’s Secret & Co., effective August 2, 2021. This restructuring includes changing L Brands' name to Bath & Body Works, Inc. and its stock symbol from LB to BBWI. Shareholders will receive one share of Victoria’s Secret common stock for every three shares of L Brands they own as of July 22, 2021. The new company will trade under the symbol VSCO on the NYSE, with trading starting August 3, 2021.

L Brands (NYSE: LB) will conduct virtual investor meetings for Bath & Body Works and Victoria’s Secret on July 19, 2021, prior to the August 2021 spin-off of Victoria’s Secret. The meetings will feature updates on strategic initiatives and growth plans from CEOs Andrew Meslow and Martin Waters, along with senior leadership teams. Bath & Body Works starts at 8:30 a.m. ET and Victoria’s Secret at 12:30 p.m. ET. A live webcast will be available on their investor relations website, with replays following shortly after.

L Brands announced an upsized offering by Victoria's Secret, increasing senior notes to $600 million with a coupon of 4.625%, set to close on July 15, 2021. Additionally, a $400 million Term Loan Facility will have a margin of LIBOR plus 3.25%. Proceeds will fund a cash payment to L Brands before a planned spin-off of Victoria's Secret. The notes are unsecured initially but will be guaranteed by future subsidiaries. The offering is private and not registered under the Securities Act.

L Brands announced that its subsidiary, Victoria’s Secret & Co., is offering $500 million in senior notes due 2029 in a private placement. This offering is part of L Brands' strategy to separate Victoria’s Secret through a spin-off. The proceeds from the notes will support a cash payment to L Brands after the spin-off's completion. The notes, which are senior unsecured obligations, will not be guaranteed at issuance but will be guaranteed by certain subsidiaries post-escrow release. The offering is not registered under the Securities Act and will not be offered in jurisdictions where it is unlawful.