In Brief: The Limited, Inc. spin-off
This article was originally published in The Rose Sheet
Executive Summary
The Limited, Inc. spin-off: Intimate Brands goes public with an offering of 40 mil. shares at $17 per share. In the first day of trading, Oct. 24, the issue closed at 17-5/8 and finished the week at 17-1/8. Nearly all of the proceeds will go to The Limited: about $250 mil. to "repay borrowings...which were used to fund a dividend to The Limited;" and up to $400 mil. will be used to pay off "certain intercompany obligations...to the Limited," the prospectus states. The Limited retains an 84% stake in the spin-off which includes the firm's Bath & Body Works and Victoria's Secret businesses, according to an updated registration statement filed Sept. 14. Originally, the spin-off was to have been called Intibrands...
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