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VF Corp withdraws full year fiscal 2020 outlook
25 Mar 20 2 min read
In order to successfully manage its business operations during the current unprecedented period of uncertainty, including the unknown duration and overall impact of the COVID-19 coronavirus outbreak, VF Corp has announced additional actions to preserve financial liquidity and flexibility. VF Corp is one of the world’s largest apparel & footwear companies.
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As previously disclosed, VF maintains a $2.25 billion senior unsecured revolving credit facility that expires in December 2023. In an abundance of caution and as a proactive, precautionary measure, VF elected to draw down $1 billion from its revolving credit facility. The draw down strengthens VF’s cash position and effectively funds the company’s expected working capital requirements through the first half of fiscal 2021.
"After the draw down, VF expects to have approximately $1.5 billion of cash on hand and approximately $1 billion remaining under the revolving credit facility," the company said in a press release.
VF also retains access to a commercial paper programme which allows for borrowings up to $2.25 billion for short-term, seasonal working capital requirements and general corporate purposes.
VF has also announced withdrawal of its adjusted fiscal 2020 outlook provided on January 23, 2020. The company is not providing an updated outlook at this time, and more information will be provided during the company’s fourth quarter fiscal 2020 conference call in May 2020, the company said.
Fibre2Fashion News Desk (RKS)
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