NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24pvh&src=ctag” target=”_blank”gt;$pvhlt;/agt; lt;a href=”https://twitter.com/hashtag/fashion?src=hash” target=”_blank”gt;#fashionlt;/agt;–PVH
Corp. [NYSE: PVH] today announced that it has refinanced its
previously outstanding senior secured credit facilities using the
proceeds from new senior unsecured 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. In addition, under the new credit facilities, PVH
Corp.’s overall interest expense is expected to be lower.
The new credit facilities provide for an approximately $1.093 billion
U.S. dollar-denominated Term Loan A facility, a €500 million Euro
denominated Term Loan A facility and senior secured revolving credit
facilities with availability in an aggregate amount of approximately
$1.0 billion (including a U.S. dollar facility, a Euro denominated
multi-currency facility, a Canadian Dollar facility and a Hong Kong
Dollar facility). The new Term Loan A facility and the new revolving
credit facilities will mature in May 2024 (effectively a three year
extension of the maturity date under PVH Corp.’s previously outstanding
About PVH Corp.
PVH sets the standard of style as one of the most admired fashion and
lifestyle companies in the world. We power brands that drive fashion
forward – for good. Our iconic portfolio includes TOMMY
and Geoffrey Beene brands, as well as the
& Co. intimates brand. We market a variety of goods under
these and other nationally and internationally known owned and licensed
brands. PVH has over 38,000 associates operating in over 40 countries
and nearly $9.7 billion in annual revenues. That’s the power of PVH.
*The Speedo brand is licensed for North America and the Caribbean
in perpetuity from Speedo International Limited.
Follow PVH on Social
Media: LinkedIn, Facebook, Instagram, YouTube and Twitter, and
visit PVH.com for more information about the Company.
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 interest rates and
savings with respect to the Company’s credit facilities, 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, the
following: (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 may be considered to be highly leveraged
and will have to use 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.
The Company does not undertake any obligation to update publicly any
forward-looking statement, including, without limitation, any statements
relating to interest rates and savings, whether as a result of the
receipt of new information, future events or otherwise.
Treasurer and Senior Vice President,
Business Development and Investor Relations