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PVH closes amended & restated senior credit facilities
Mar '14
PVH Corp. announced that it had redeemed all of the $600 million of its 7.375% Senior Notes due 2020 using the proceeds of new term loans incurred under the amended credit facility (along with certain cash on hand) on which it has now closed.
The Company had announced in late February that it had entered into discussions to amend the credit facility it had entered into in February 2013 and delivered a Conditional Notice of Redemption for the Senior Notes.
The amended credit facility provides reduced borrowing spreads, as well as additional covenant flexibility. The full benefit of the reduction in borrowing spreads and fees may not be realized, as the Company currently intends to enter into contracts to swap a portion of its variable rate debt into fixed rate debt for the purpose of reducing its exposure to interest rate volatility.
The amended credit facility extends the maturity of the Term Loan A facilities and the revolving loan facilities from February 2018 to February 2019. The maturity of the Term Loan B facilities remains in February 2020.
The amended credit facility consists of a U.S. Dollar-denominated term loan facility in an aggregated amount of approximately $3.17 billion and senior secured revolving credit facilities in the aggregate amount of approximately $750 million (including a U.S. Dollar facility and two multi-currency facilities).
PVH Corp., one of the world's largest apparel companies, owns and markets the iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world's largest shirt and neckwear company and markets a variety of goods under its own brands, Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD, ARROW, Warner’s and Olga, and its licensed brands, including Speedo, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar and John Varvatos.

PVH Corp

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