Home / Knowledge / News / Apparel/Garments / PVH completes Tommy Hilfiger transaction
PVH completes Tommy Hilfiger transaction
07
May '10
Phillips-Van Heusen Corporation announced it has completed its acquisition of Tommy Hilfiger B.V. and certain affiliated companies from funds affiliated with Apax Partners L.P.

"We are extremely pleased to announce the completion of the Tommy Hilfiger transaction," said Emanuel Chirico, Chairman and Chief Executive Officer of PVH. "The combination brings together two premier companies, each with iconic brands and strong growth prospects, which we believe will create significant value for our stockholders and deliver enhanced opportunities for our business partners, customers and employees as we leverage a combined global platform in the years ahead."

"This is an extraordinary day in the evolution of the Tommy Hilfiger business," said Fred Gehring, Chief Executive Officer of Tommy Hilfiger, who will continue in that role and in addition has become Chief Executive Officer of the combined company's international operations. "We look forward to continue building on the significant global momentum we have achieved for the Tommy Hilfiger brand over the last three years as a private company and applying our unique global infrastructure to enable PVH to expand the presence of its heritage brands - Van Heusen, IZOD and ARROW - in the international marketplace."

PVH also announced today that it has completed several previously announced activities, including financings, the proceeds of which were used to finance the acquisition or are to be used to provide ongoing liquidity for PVH. These activities include:

• Issuance on April 28, 2010 of 5,750,000 shares of PVH common stock, which includes 750,000 shares sold pursuant to the exercise of the underwriters' over-allotment option. The price at which shares were sold to the public was $66.50 per share.
• Issuance of 8,223,841 shares of PVH common stock to the selling shareholders of Tommy Hilfiger, as part of the purchase price for Tommy Hilfiger.
• Issuances in private placements of an aggregate of 8,000 shares of PVH Series A convertible preferred stock to affiliates of LNK Partners, L.P. and affiliates of MSD Capital, which are currently convertible into 4,189,360 shares of PVH common stock, for an aggregate purchase price of $200 million.
• Issuance of $600 million of 7.375% Senior Notes due 2020.
• Closing of its senior secured credit facility consisting of U.S. Dollar and Euro-dominated term loans in an aggregate amount of $1,370,800,000 and EUR 400,000,000, a portion of which matures in May 2015 and a portion of which matures in May 2016, and a $450 million (in U.S. Dollars and Euros) revolving credit facility that matures in May 2015, which facility was undrawn at closing.
• Expiration, on May 4, 2010, of the Company's cash tender offers for any and all of the $150.0 million outstanding principal amount of its 7.25% Senior Notes due 2011 and $150.0 million outstanding principal amount of its 8.125% Senior Notes due 2013. At this time, $100,545,000 or 67% in aggregate principal amount of the 2011 Notes and $134,341,000 or 90% in aggregate principal amount of the in aggregate principal amount of the 2013 Notes were tendered into the offering. All Notes that were not tendered were satisfied and discharged and will be redeemed on June 7, 2010.

Phillips-Van Heusen Corporation

Must ReadView All

Courtesy: Reliance Industries

Textiles | On 24th Apr 2017

Reliance’s FY17 revenue from petrochemicals up 12.2%

Increase in prices across polymers and polyester chain has...

Textiles | On 24th Apr 2017

India, Kazakhstan to increase cooperation in textiles

Indian and Kazakhstan are deliberating upon increasing cooperation in ...

Textiles | On 24th Apr 2017

GST reflects 'One nation, One aspiration' spirit: Modi

Prime Minister Narendra Modi has said that the Goods and Services Tax ...

Interviews View All

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search