Davis Polk & Wardwell advised Limited Commerce Corp. on a $233 million secondary offering of 8,663,382 shares of common stock of Alliance Data Systems. As part of the offering, Limited Commerce sold 7,533,376 shares of Alliance Data Systems and Welsh, Carson, Anderson & Stowe sold 1,130,006 shares pursuant to the over-allotment option.
Bear, Stearns & Co. Inc., Credit Suisse First Boston LLC and J.P. Morgan Securities Inc. were joint book-running managers for the offering. Limited Commerce is a wholly owned subsidiary of Limited Brands, Inc., a New York-based retailer that sells women’s and men’s apparel, women’s intimate apparel and personal care products under various trade names, including Limited Stores, Victoria’s Secret, Henri Bendel, Bath & Body Works and Express. Alliance Data Systems is a provider of transaction services between clients and their customers, credit services and marketing services.
The Davis Polk corporate team included partners Sarah Beshar and David L. Caplan, counsel John T. Wright, associate Aisha Christian Royall and legal assistant Kathryn Holden. All members of the Davis Polk team work in the New York office.