PVH Corp. Announces Refinancing of Senior Credit Facilities

    0
    247
    Reading Time: 2 minutes

    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
    credit facilities).

    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
    HILFIGER
    , CALVIN
    KLEIN
    , Van
    Heusen
    , IZOD,
    ARROW,
    Speedo,
    Warner’s,
    Olga
    and Geoffrey Beene brands, as well as the
    digital-centric True
    & 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.

    Contacts

    Dana Perlman
    Treasurer and Senior Vice President,
    Business Development and Investor Relations

    (212) 381-3502
    [email protected]