PVH Corp. Announces Refinancing of Senior Credit Facilities
10 December 2022 - 12:28AM
Business Wire
PVH Corp. [NYSE: PVH] announced that it has refinanced its
previously outstanding senior credit facilities using the proceeds
from new senior credit facilities and cash on hand. The new credit
facilities are senior unsecured obligations of PVH Corp. and
contain operating covenants that are typical for an investment
grade rated borrower.
The new credit facilities provide for upsized revolving credit
facilities, with availability in an aggregate amount of $1.2
billion (consisting of a multicurrency facility and a Hong Kong
dollar facility), and an approximately €440.6 million
euro-denominated Term Loan A facility. The new Term Loan A facility
and the new revolving credit facilities will mature in December
2027 (effectively a three and a half year extension of the maturity
date under PVH Corp.’s previously outstanding senior credit
facilities).
With the closing of this transaction, PVH maintains its existing
capital structure, and expects no material changes to its interest
expense as a result of this transaction.
About PVH Corp.
PVH is one of the world's largest and most admired fashion
companies, connecting with consumers in over 40 countries. Our
global iconic brands include Calvin Klein and TOMMY HILFIGER. Our
140-year history is built on the strength of our brands, our team
and our commitment to drive fashion forward for good. That's the
Power of Us. That's the Power of PVH.
Follow us on Facebook, Instagram, Twitter and LinkedIn.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: Forward-looking statements made in this
press release, including, without limitation, statements relating
to the future plans, strategies, objectives, expectations and
intentions of PVH Corp. and its subsidiaries (collectively, the
"Company"), are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Investors are
cautioned that such forward-looking statements are inherently
subject to risks and uncertainties, many of which cannot be
predicted with accuracy, and some of which might not be
anticipated, including, without limitation, (i) the Company’s
plans, strategies, objectives, expectations and intentions are
subject to change at any time at the discretion of the Company;
(ii) the Company has significant levels of outstanding debt and
borrowing capacity and uses a significant portion of its cash flows
to service its indebtedness, as a result of which the Company might
not have sufficient funds to operate its businesses in the manner
it intends or has operated in the past; and (iii) other risks and
uncertainties indicated from time to time in the Company’s filings
with the Securities and Exchange Commission.
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Investor Relations Sheryl Freeman
InvestorRelations@pvh.com
PVH (NYSE:PVH)
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