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Phillips-Van Heusen in discussion to amend credit facility
27 Jan '11
5 min read
Phillips-Van Heusen Corporation announced that, in recognition of the favorable conditions in the credit markets, it is entering into discussions to amend the credit facility it entered into in May 2010 in connection with its acquisition of Tommy Hilfiger B.V. and certain related companies.
The transaction will reflect a deleveraging, including a voluntary prepayment of $150 million of principal in February 2011 previously anticipated to be made by January 30, 2011. In addition, a voluntary repayment of approximately $150 million of principal was made in December 2010.
The Company also announced that in connection with the discussions regarding the credit facility amendment, it was reaffirming its previous guidance estimates for revenue and earnings per share for the fiscal quarter and year ending January 30, 2011 and providing guidance for its 2010 capital expenditures and pro forma revenue and earnings before interest, taxes, and depreciation and amortization (EBITDA), adjusted as if the Tommy Hilfiger acquisition occurred as of the first day of the fiscal year.
Non-GAAP Amounts
The discussions in this release that refer to non-GAAP amounts exclude the items which are described in this release under the heading "Non-GAAP Exclusions." Reconciliations of GAAP to non-GAAP amounts are presented in the tables later in this release and identify and quantify all excluded items.
Fourth Quarter 2010:
For the fourth quarter of 2010, the Company reaffirms that estimated non-GAAP earnings per share will be $0.82. This compares to non-GAAP earnings per share in the prior year's fourth quarter of $0.61. GAAP earnings per share in the fourth quarter of 2010 is estimated to be $0.69. This compares to GAAP earnings per share of $0.51 in the prior year's fourth quarter. Total revenue for the fourth quarter continues to be estimated at $1.37 billion.
Full Year 2010:
Non-GAAP earnings per share for the full year 2010 is estimated at $3.95 versus prior year non-GAAP earnings per share of $2.83. GAAP earnings per share is estimated to be $0.70 for the full year 2010, compared to GAAP earnings per share of $3.08 in the prior year. Total revenue for the full year 2010 continues to be estimated at $4.61 billion as compared to revenue of $2.40 billion in the prior year. The Company also currently estimates that capital expenditures will be approximately $125 million for the full year 2010, including expenditures associated with the Tommy Hilfiger acquisition from the date of acquisition.
Pro Forma Full Year 2010:
Total revenue and EBITDA for 2010, adjusted to reflect, on a pro forma basis, results for the Company assuming the acquisition of Tommy Hilfiger occurred on February 1, 2010 are projected to be $5.24 billion and $773.6 million respectively.
The transaction will reflect a deleveraging, including a voluntary prepayment of $150 million of principal in February 2011 previously anticipated to be made by January 30, 2011. In addition, a voluntary repayment of approximately $150 million of principal was made in December 2010.
The Company also announced that in connection with the discussions regarding the credit facility amendment, it was reaffirming its previous guidance estimates for revenue and earnings per share for the fiscal quarter and year ending January 30, 2011 and providing guidance for its 2010 capital expenditures and pro forma revenue and earnings before interest, taxes, and depreciation and amortization (EBITDA), adjusted as if the Tommy Hilfiger acquisition occurred as of the first day of the fiscal year.
Non-GAAP Amounts
The discussions in this release that refer to non-GAAP amounts exclude the items which are described in this release under the heading "Non-GAAP Exclusions." Reconciliations of GAAP to non-GAAP amounts are presented in the tables later in this release and identify and quantify all excluded items.
Fourth Quarter 2010:
For the fourth quarter of 2010, the Company reaffirms that estimated non-GAAP earnings per share will be $0.82. This compares to non-GAAP earnings per share in the prior year's fourth quarter of $0.61. GAAP earnings per share in the fourth quarter of 2010 is estimated to be $0.69. This compares to GAAP earnings per share of $0.51 in the prior year's fourth quarter. Total revenue for the fourth quarter continues to be estimated at $1.37 billion.
Full Year 2010:
Non-GAAP earnings per share for the full year 2010 is estimated at $3.95 versus prior year non-GAAP earnings per share of $2.83. GAAP earnings per share is estimated to be $0.70 for the full year 2010, compared to GAAP earnings per share of $3.08 in the prior year. Total revenue for the full year 2010 continues to be estimated at $4.61 billion as compared to revenue of $2.40 billion in the prior year. The Company also currently estimates that capital expenditures will be approximately $125 million for the full year 2010, including expenditures associated with the Tommy Hilfiger acquisition from the date of acquisition.
Pro Forma Full Year 2010:
Total revenue and EBITDA for 2010, adjusted to reflect, on a pro forma basis, results for the Company assuming the acquisition of Tommy Hilfiger occurred on February 1, 2010 are projected to be $5.24 billion and $773.6 million respectively.
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