United States Of America : PVH Corp repays $500mn of term loans in 2013

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PVH Corp repays $500mn of term loans in 2013

22
Feb '14

PVH Corp announced that during fiscal 2013, it repaid approximately $500 million of term loans under the credit facility, above its initial expectation of approximately $400 million announced in March 2013.

Additionally PVH Corp. announced that it has entered into discussions to amend the credit facility it entered into in February 2013, including to increase the principal amount of term loans.

Concurrently, the Company delivered a Conditional Notice of Redemption to holders of its outstanding 7.375% Senior Notes due 2020 (the “Senior Notes”). The redemption is conditioned on the effectiveness of the credit facility amendment and the Company’s receipt of at least $600 million in cash proceeds thereunder.

The Company intends to use the proceeds of the increased loans (along with certain cash on hand) to redeem all of the Senior Notes. The transactions are targeted for closing at the end of March 2014 and would lower PVH’s overall interest expense.

The Company also announced in connection with the discussions regarding the credit facility amendment that it is reaffirming its revenue and earnings per share guidance for the fourth quarter 2013 and full year 2013 previously announced on January 10, 2014.

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

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