Tapestry, Inc. Announces New Revolving Credit Facility Enhance Financial Flexibility
Summary
entered into a definitive agreement to refinance and replace the Company?s unsecured revolving facility dated May 11, 2022 (the ?Existing Credit Facility?) ), and a syndicate of banks and financial institutions (collectively, the ?Lenders?). Under the New Revolving Credit Facility, the Lenders have made available to the Company a $2 billion unsecured revolving credit facility, including sub facilities for letters of credit, with a maturity date of May 22, 2030. The New Revolving Credit Facility may be used to finance the working capital needs, capital expenditures, permitted investments, share purchases, dividends and other general corporate purposes of the Company and its subsidiaries (which may include commercial paper back-up).Letters of credit and swing line loans (the ?Swing Line Loans?) may be issued under the New Revolving Credit Facility.