Deals this week: L Brands, OTTO GmbH

US fashion retailer L Brands (formerly Limited Brands) has placed $700m-worth unsecured senior notes due in 2036 for purchase through a public offering, with BofA Merrill Lynch, Citigroup and JP Morgan as joint book-running managers.

The annual rate of interest on the notes being sold is 6.75%. Certain subsidiaries of the company will act as guarantors for these notes.

The amount collected from the offering will be used by the company for redemption of its outstanding 6.900% notes due in 2017.

OTTO GmbH & Co KG has raised $281.23m by offering bonds due 2023 for sale through a public offering under the financial advice of BNP Paribas, Commerzbank AG, and Deutsche Bank AG.

The interest rate on the bonds sold is 2.5% a year. Otto Group is a retail and services company with international presence.

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Image: Otto Group is a retail and services company with headquarters in Germany. Photo: courtesy of OTTO Group.