Limited Brands prices $500M private debt offering

Retailer Limited Brands Inc. on Tuesday said it agreed to sell $500 million worth of 8.5 percent senior notes due 2019 through a private placement to institutional investors.

The parent of Victoria's Secret and Bath and Body Works stores said it expects $483.8 million in gross proceeds in the deal, which is likely to close Friday.

The notes will be guaranteed by certain subsidiaries. The company intends to use the proceeds to repurchase or repay existing debt and for general corporate purposes.

Limited Brands shares closed Tuesday's session down 68 cents, or 5.4 percent, at $11.83.