RALPH LAUREN CORP (RL): debt financing — Ralph Lauren enters into $750M revolving credit facility, matures 2028, replaces existing facility

RALPH LAUREN CORP

New $750M senior unsecured revolver (expandable to $1.5B) with JPMorgan-led syndicate, matures June 2028.
Facility replaces $750M credit agreement dated August 2019, which was terminated on June 30, 2023.
Proceeds for working capital, capex, acquisitions, and general corporate purposes; includes $50M letter of credit subfacility.
Interest margins tied to credit ratings; SOFR-based loans plus spread (50-100 bps), commitment fee 4-10 bps.
Financial covenant: consolidated debt plus operating lease obligations to EBITDA (incl. lease expense) ratio tested quarterly.

item 1.01 item 1.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

RALPH LAUREN CORP incurred revolving credit of up to $750 million with JPMorgan Chase Bank, N.A. maturing June 2028.

Instrument: revolving credit
Principal: up to $750 million
Counterparty: JPMorgan Chase Bank, N.A.
Maturity: June 2028
Event: incurrence

Exact text from the filing

The Agreement provides for a five-year, with options for extension, senior revolving credit facility in an aggregate amount at any one time outstanding of up to $750 million, including sub-facilities for Letters of Credit.

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Source: SEC EDGAR

accession 0001104659-23-079157

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