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PVH Announced Refinancing of Senior Credit Facilities

Alice Ierace
01 January 1970

PVH, the holding company of many luxury fashion houses including Calvin Klein and Tommy Hilfiger, has announced that it has refinanced its previously outstanding senior secured credit facilities using the proceeds from new senior unsecured credit facilities and cash on hand.

The new credit facilities are senior unsecured obligations of PVH Corp. and contain operating covenants that are typical for an investment grade rated borrower. In addition, under the new credit facilities, PVH Corp.’s overall interest expense is expected to be lower.

These provide for an approximately $1.093 billion U.S. dollar-denominated Term Loan A facility, a €500 million Euro denominated Term Loan A facility and senior secured revolving credit facilities with availability in an aggregate amount of approximately $1.0 billion(including a U.S. dollar facility, a Euro denominated multi-currency facility, a Canadian Dollar facility and a Hong Kong Dollar facility).

The new Term Loan A facility and the new revolving credit facilities will mature in May 2024 (effectively a three year extension of the maturity date under PVH Corp.’s previously outstanding credit facilities).

This news follows the departure of Calvin Klein's creative director Raf Simons at the end of last year and the decision to exit NYFW as the 205W39NYC label to focus on jeans and underwear.

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