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PVH to offer common stock to finance acquisition of Tommy
21
Apr '10
Phillips-Van Heusen Corporation announced that it is commencing an offering of 4,500,000 shares of common stock (plus an additional 675,000 shares of common stock pursuant to a 30-day option granted to the underwriters to cover over-allotments, if any). In addition, the company announced today that it is commencing an offering of $525.0 million of senior unsecured notes due 2020. Both offerings are being made pursuant to the company's automatic shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on April 20, 2010 and pursuant to separate preliminary prospectus supplements, each of which will also be filed with the SEC.

The company intends to use the net proceeds of the offering of common stock, after deducting underwriting discounts and commissions and offering expenses, to fund a portion of the purchase price for its proposed acquisition of Tommy Hilfiger B.V. and certain affiliated companies, including related fees and expenses. The completion of the offering of the common stock is not conditioned upon PVH's acquisition of Tommy Hilfiger and, if the company does not complete the acquisition, then it will use the net proceeds for general corporate purposes, including fees and expenses relating to the acquisition of Tommy Hilfiger that are payable whether or not the acquisition is completed.

The company will use the net proceeds of the offering of the notes, after deducting underwriting discounts and commissions and offering expenses, to repurchase or redeem its $150.0 million outstanding principal amount of 7¼% Senior Notes due 2011 and its $150.0 million outstanding principal amount of 8â...'% Senior Notes due 2013, including consent payments relating to a consent solicitation related to the tender for the notes and fees and expenses related to the tender and consent solicitation, as well as to fund a portion of the purchase price for its proposed acquisition of Tommy Hilfiger, including related fees and expenses. The offering of the notes is conditioned upon PVH's acquisition of Tommy Hilfiger and will not be completed if the company does not complete the acquisition.

Phillips-Van Heusen Corporation


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