The spin-off ratio was 1:3, implying each L Brands shareholder received one share of Victoria's Secret common stock for every three shares of L Brands' common stock. The transaction was tax free to L Brands and its shareholders. The common stock of L Brands and Victoria's Secret commenced when-issued trading on July 21, 2021 under the tickers "BBWI WI" and "VSCO WI" respectively. The distribution date for the spin off was August 2, 2021. Both the stocks commenced regular way trading on August 3, 2021. Post separation, L Brands' name changed to Bath & Body Works and the trading symbol on NYSE changed from LB to BBWI, while Victoria's Secret listed on NYSE under the symbol VSCO. BBWI continues to be part of the S&P 500 Index, while VSCO joined the S&P Midcap 400 index.