Tapestry Secures $1.5B Bond Offering in Major Debt Restructuring Move | TPR Stock News
Summary
--(BUSINESS WIRE)-- Tapestry, Inc. (NYSE: TPR) a house of iconic accessories and lifestyle brands consisting of Coach, Kate Spade, and Stuart Weitzman, announced the pricing of its offering of aggregate principal amount of senior unsecured notes due 2030 and aggregate principal amount of senior unsecured notes due 2035. The offering is expected to close, subject to normal closing conditions, on December 11, 2024.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 Companys accelerated share repurchase agreements, and for general corporate purposes.BofA Securities, Morgan Stanley, and J.P. Morgan are acting as joint lead book-running managers for the offering.The securities described above are being offered pursuant to an automatic shelf registration statement on Form S-3 (File No. 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 thats equitable, inclusive, and diverse. Forward statements in this press release include, but are not limited to, the proposed offering (including the consummation thereof) and 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.