Tapestry, Inc. Announces Closing of $1.5 Billion Senior Unsecured Notes Offering
Tapestry, Inc. (NYSE: TPR) announced the closing of its offering of $1.5 billion in senior unsecured notes. The offering includes $750 million of 5.100% notes due 2030 and $750 million of 5.500% notes due 2035.
The company plans to use the net proceeds from this offering, along with cash on hand, to repay outstanding loans under its term loan credit agreement and to repay borrowings under its revolving credit facility. These borrowings were used to fund share repurchases under Tapestry’s accelerated share repurchase agreements and for general corporate purposes.
BofA Securities, Morgan Stanley, and J.P. Morgan acted as joint lead book-running managers for this offering. Tapestry is the parent company of iconic brands like Coach, Kate Spade, and Stuart Weitzman. The company emphasizes innovation, authenticity, and sustainability across its brands.
Tapestry, Inc. (NYSE: TPR) ha annunciato la chiusura della sua offerta di 1,5 miliardi di dollari in note senior non garantite. L'offerta include 750 milioni di dollari di note al 5,100% in scadenza nel 2030 e 750 milioni di dollari di note al 5,500% in scadenza nel 2035.
La società prevede di utilizzare i proventi netti di quest'offerta, insieme alla liquidità disponibile, per rimborsare prestiti in essere secondo il suo accordo di credito a termine e per rimborsare i prestiti sotto la sua linea di credito revolving. Questi prestiti sono stati utilizzati per finanziare il riacquisto di azioni nell'ambito degli accordi accelerati di riacquisto di azioni di Tapestry e per scopi aziendali generali.
BofA Securities, Morgan Stanley e J.P. Morgan hanno agito come co-manager principali per questa offerta. Tapestry è la società madre di marchi iconici come Coach, Kate Spade e Stuart Weitzman. L'azienda sottolinea l'importanza dell'innovazione, dell'autenticità e della sostenibilità in tutti i suoi marchi.
Tapestry, Inc. (NYSE: TPR) anunció el cierre de su oferta de 1.5 mil millones de dólares en notas no garantizadas de senior. La oferta incluye 750 millones de dólares en notas al 5.100% que vencen en 2030 y 750 millones de dólares en notas al 5.500% que vencen en 2035.
La compañía planea utilizar los ingresos netos de esta oferta, junto con el efectivo disponible, para pagar préstamos pendientes según su acuerdo de crédito a plazo y para pagar préstamos bajo su línea de crédito rotativa. Estos préstamos se utilizaron para financiar la recompra de acciones bajo los acuerdos acelerados de recompra de acciones de Tapestry y para fines corporativos generales.
BofA Securities, Morgan Stanley y J.P. Morgan actuaron como co-gestores principales para esta oferta. Tapestry es la empresa matriz de marcas icónicas como Coach, Kate Spade y Stuart Weitzman. La empresa enfatiza la innovación, la autenticidad y la sostenibilidad en todas sus marcas.
태피스트리, Inc. (NYSE: TPR)은 15억 달러 규모의 비유 보증 고급 채권 발행 마감을 발표했습니다. 이번 발행은 2030년에 만기가 오는 7억5000만 달러 규모의 5.100% 채권과 2035년에 만기가 오는 7억5000만 달러 규모의 5.500% 채권을 포함합니다.
회사는 이번 발행의 순수익과 보유 현금을 사용해 장기 대출 신용 계약에 따른 미지급 대출을 상환하고, 회전 신용 시설에 따른 대출도 상환할 계획입니다. 이러한 대출은 태피스트리의 가속 주식 매입 계약에 따라 주식 매입을 지원하고 일반 기업 목적을 위해 사용되었습니다.
BofA 증권, 모건 스탠리 및 J.P. 모건은 이번 발행의 공동 주관 매니저로 활동했습니다. 태피스트리는 Coach, Kate Spade 및 Stuart Weitzman과 같은 아이코닉 브랜드의 모회사입니다. 이 회사는 모든 브랜드에서 혁신, 진정성 및 지속 가능성을 강조합니다.
Tapestry, Inc. (NYSE: TPR) a annoncé la clôture de son émission de 1,5 milliard de dollars en obligations senior non garanties. L'émission comprend 750 millions de dollars d'obligations à 5,100% arrivant à échéance en 2030 et 750 millions de dollars d'obligations à 5,500% arrivant à échéance en 2035.
La société prévoit d'utiliser le produit net de cette émission, ainsi que la trésorerie disponible, pour rembourser les prêts en cours en vertu de son accord de crédit à terme et pour rembourser les emprunts sous sa ligne de crédit renouvelable. Ces emprunts ont été utilisés pour financer les rachats d'actions dans le cadre des accords de rachat d'actions accélérés de Tapestry et pour des fins d'entreprise générales.
BofA Securities, Morgan Stanley et J.P. Morgan ont agi en tant que co-responsables principaux de cette émission. Tapestry est la société mère de marques emblématiques telles que Coach, Kate Spade et Stuart Weitzman. L'entreprise met l'accent sur l'innovation, l'authenticité et la durabilité à travers toutes ses marques.
Tapestry, Inc. (NYSE: TPR) gab den Abschluss ihrer Emission von 1,5 Milliarden Dollar an unbesicherten Senior-Anleihen bekannt. Die Emission umfasst 750 Millionen Dollar an Anleihen mit einem Zinssatz von 5,100%, die 2030 fällig sind, und 750 Millionen Dollar an Anleihen mit einem Zinssatz von 5,500%, die 2035 fällig sind.
Das Unternehmen plant, die Nettoerlöse aus dieser Emission zusammen mit vorhandenen Barmitteln zu verwenden, um ausstehende Kredite unter seinem Konsortialkreditvertrag zurückzuzahlen und um Kredite unter seiner revolvierenden Kreditfazilität zurückzuzahlen. Diese Kredite wurden genutzt, um Aktienrückkäufe im Rahmen der beschleunigten Aktienrückkaufvereinbarungen von Tapestry zu finanzieren und für allgemeine Unternehmenszwecke.
BofA Securities, Morgan Stanley und J.P. Morgan agierten als gemeinsame Hauptbuchführer für diese Emission. Tapestry ist das Mutterunternehmen von ikonischen Marken wie Coach, Kate Spade und Stuart Weitzman. Das Unternehmen betont Innovation, Authentizität und Nachhaltigkeit in seinen Marken.
- Successful closing of $1.5 billion in senior unsecured notes.
- Proceeds to repay outstanding loans and borrowings, reducing debt.
- High-interest rates of 5.100% and 5.500% on the notes.
Insights
The Company intends to use the net proceeds from this offering, together with cash on hand, to repay outstanding loans under its term loan credit agreement and to repay borrowings under its revolving credit facility, which were used to fund the share repurchases under the Company’s accelerated share repurchase agreements, and for general corporate purposes.
Lead Book Running Managers
BofA Securities, Morgan Stanley, and J.P. Morgan acted as joint lead book‑running managers for this offering.
About Tapestry, Inc.
Our global house of brands unites the magic of Coach, kate spade new york and Stuart Weitzman. Each of our brands are unique and independent, while sharing a commitment to innovation and authenticity defined by distinctive products and differentiated customer experiences across channels and geographies. We use our collective strengths to move our customers and empower our communities, to make the fashion industry more sustainable, and to build a company that’s equitable, inclusive, and diverse. Individually, our brands are iconic. Together, we can stretch what’s possible. To learn more about Tapestry, please visit www.tapestry.com. For important news and information regarding Tapestry, visit the Investor Relations section of our website at www.tapestry.com/investors. In addition, investors should continue to review our news releases and filings with the SEC. We use each of these channels of distribution as primary channels for publishing key information to our investors, some of which may contain material and previously non-public information. The Company’s common stock is traded on the New York Stock Exchange under the symbol TPR.
This press release may contain certain “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are based on management’s current expectations, that involve risks and uncertainties that could cause our actual results to differ materially from our current expectations. Forward statements in this press release include, but are not limited to statements that can be identified by use of forward-looking terminology such as “may,” “can,” “continue,” “project,” “assumption,” “should,” “expect,” “confidence,” “goals,” “trends,” “anticipate,” “intend,” “estimate,” “on track,” “future,” “well positioned to,” “plan,” “potential,” “position,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Such statements involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, our results could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. We assume no obligation to revise or update any such forward-looking statements for any reason, except as required by law. Our actual results could differ materially from the results contemplated by these forward-looking statements and are subject to a number of risks, uncertainties, estimates and assumptions that may cause actual results to differ materially from current expectations due to a number of factors, including, but not limited to: the impact of economic conditions, recession and inflationary measures; our exposure to international risks, including currency fluctuations and changes in economic or political conditions in the markets where we sell or source our products; our ability to retain the value of our brands and to respond to changing fashion and retail trends in a timely manner, including our ability to execute on our e-commerce and digital strategies; our ability to successfully implement the initiatives under our 2025 growth strategy; the effect of existing and new competition in the marketplace; our ability to achieve intended benefits, cost savings and synergies from acquisitions; our ability to control costs; the effect of seasonal and quarterly fluctuations on our sales or operating results; the risk of cyber security threats and privacy or data security breaches; our ability to satisfy our outstanding debt obligations or incur additional indebtedness; the risks associated with climate change and other corporate responsibility issues; the impact of tax and other legislation; the risks associated with potential changes to international trade agreements and the imposition of additional duties on importing our products; our ability to protect against infringement of our trademarks and other proprietary rights; and the impact of pending and potential future legal proceedings. These factors are not necessarily all of the factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Please refer to the Company’s latest Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission for a complete list of risks and important factors.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241211829024/en/
Tapestry, Inc.
Media:
Andrea Shaw Resnick
Chief Communications Officer
212/629-2618
aresnick@tapestry.com
Analysts and Investors:
Christina Colone
Global Head of Investor Relations
212/946-7252
ccolone@tapestry.com
Source: Tapestry, Inc.
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