Tapestry, Inc. Announces Closing of $1.5 Billion Senior Unsecured Notes Offering
12 12월 2024 - 6:05AM
Business Wire
Tapestry, Inc. (NYSE: TPR), a house of iconic accessories and
lifestyle brands consisting of Coach, Kate Spade, and Stuart
Weitzman, announced the closing of the offering of its $750.0
million aggregate principal amount of 5.100% senior unsecured notes
due 2030 and its $750.0 million aggregate principal amount of
5.500% senior unsecured notes due 2035.
The Company intends to use the net proceeds from this offering,
together with cash on hand, to repay outstanding loans under its
term loan credit agreement and to repay borrowings under its
revolving credit facility, which were used to fund the share
repurchases under the Company’s accelerated share repurchase
agreements, and for general corporate purposes.
Lead Book Running Managers
BofA Securities, Morgan Stanley, and J.P. Morgan acted as joint
lead book‑running managers for this offering.
About Tapestry, Inc. Our
global house of brands unites the magic of Coach, kate spade new
york and Stuart Weitzman. Each of our brands are unique and
independent, while sharing a commitment to innovation and
authenticity defined by distinctive products and differentiated
customer experiences across channels and geographies. We use our
collective strengths to move our customers and empower our
communities, to make the fashion industry more sustainable, and to
build a company that’s equitable, inclusive, and diverse.
Individually, our brands are iconic. Together, we can stretch
what’s possible. To learn more about Tapestry, please visit
www.tapestry.com. For important news and information regarding
Tapestry, visit the Investor Relations section of our website at
www.tapestry.com/investors. In addition, investors should continue
to review our news releases and filings with the SEC. We use each
of these channels of distribution as primary channels for
publishing key information to our investors, some of which may
contain material and previously non-public information. The
Company’s common stock is traded on the New York Stock Exchange
under the symbol TPR.
This press release may contain certain “forward-looking
statements” within the meaning of the federal securities laws,
including Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and are based on management’s current expectations, that involve
risks and uncertainties that could cause our actual results to
differ materially from our current expectations. Forward statements
in this press release include, but are not limited to statements
that can be identified by use of forward-looking terminology such
as “may,” “can,” “continue,” “project,” “assumption,” “should,”
“expect,” “confidence,” “goals,” “trends,” “anticipate,” “intend,”
“estimate,” “on track,” “future,” “well positioned to,” “plan,”
“potential,” “position,” “believe,” “seek,” “see,” “will,” “would,”
“target,” similar expressions, and variations or negatives of these
words. Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. Such statements involve
risks, uncertainties and assumptions. If such risks or
uncertainties materialize or such assumptions prove incorrect, our
results could differ materially from those expressed or implied by
such forward-looking statements and assumptions. All statements
other than statements of historical fact are statements that could
be deemed forward-looking statements. We assume no obligation to
revise or update any such forward-looking statements for any
reason, except as required by law. Our actual results could differ
materially from the results contemplated by these forward-looking
statements and are subject to a number of risks, uncertainties,
estimates and assumptions that may cause actual results to differ
materially from current expectations due to a number of factors,
including, but not limited to: the impact of economic conditions,
recession and inflationary measures; our exposure to international
risks, including currency fluctuations and changes in economic or
political conditions in the markets where we sell or source our
products; our ability to retain the value of our brands and to
respond to changing fashion and retail trends in a timely manner,
including our ability to execute on our e-commerce and digital
strategies; our ability to successfully implement the initiatives
under our 2025 growth strategy; the effect of existing and new
competition in the marketplace; our ability to achieve intended
benefits, cost savings and synergies from acquisitions; our ability
to control costs; the effect of seasonal and quarterly fluctuations
on our sales or operating results; the risk of cyber security
threats and privacy or data security breaches; our ability to
satisfy our outstanding debt obligations or incur additional
indebtedness; the risks associated with climate change and other
corporate responsibility issues; the impact of tax and other
legislation; the risks associated with potential changes to
international trade agreements and the imposition of additional
duties on importing our products; our ability to protect against
infringement of our trademarks and other proprietary rights; and
the impact of pending and potential future legal proceedings. These
factors are not necessarily all of the factors that could cause
actual results to differ materially from those expressed in any of
our forward-looking statements. Please refer to the Company’s
latest Annual Report on Form 10-K and its other filings with the
Securities and Exchange Commission for a complete list of risks and
important factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20241211829024/en/
Tapestry, Inc. Media: Andrea Shaw Resnick Chief Communications
Officer 212/629-2618 aresnick@tapestry.com Analysts and Investors:
Christina Colone Global Head of Investor Relations 212/946-7252
ccolone@tapestry.com
Tapestry (NYSE:TPR)
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Tapestry (NYSE:TPR)
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