secwatch.observer — SEC 8-K summary
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Issuer:     TAPESTRY, INC. (TPR)
CIK:        0001116132
Form:       8-K
Filed at:   2023-09-01T23:59:59+00:00
Accession:  0001140361-23-042379
Event type: debt
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Tapestry expands revolving credit to $2B and adds $1.4B term loans for Capri acquisition
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- Revolving facility increased from $1.25B to $2.0B; $250M sublimit for certain funds to fund Capri buy.
- New $1.05B 3-year and $350M 5-year unsecured term loan facilities for Capri acquisition cash needs.
- Bridge facility commitments reduced from $8.0B to $6.6B after entering term loan agreements.
- Post-acquisition net leverage ratio covenant steps down from 4.75x to 4.00x over 2025-2026.
- Acquisition of Capri Holdings for $8.5B disclosed Aug 10, 2023; financing now largely in place.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1116132/000114036123042379/0001140361-23-042379-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1116132/000114036123042379/brhc20058322_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-042379

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