Capri Holdings enters $2.2B secured credit facilities, refinances existing debt

Capri Holdings Ltd

New $2.2B credit facilities: $700M term loan ($392M USD + €302M) and $1.5B revolving, maturing July 1, 2027.
Proceeds repaid $450M delayed draw term loan (due Nov 2025) and a EUR 450M term loan from Intesa Sanpaolo.
Facilities now secured by substantially all assets and registered IP of Capri and its U.S. subsidiaries.
Net leverage covenant: ≤4.0x (4.5x after material acquisitions); same as prior agreement.
Revolver interest based on public debt ratings or net leverage; unused commitment fee 7.5-17.5 bps.

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