Tapestry closes $6.1B senior notes offerings, fully funds $7.5B Capri acquisition financing

TAPESTRY, INC.

Raised $4.5B USD notes and €1.5B EUR notes, combined with $1.4B delayed draw term loans.
All-in debt interest rate of 6.5%, consistent with expectations, supports double-digit adjusted EPS accretion.
Terminated $6.6B bridge facility with proceeds.
Target gross leverage below 2.5x Debt/adjusted EBITDA within 24 months post-close.
Oversubscribed orders from hundreds of global fixed income investors.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

TAPESTRY, INC. entered into USD Indenture (Base Indenture dated December 1, 2021 as supplemented by Second Supplemental Indenture dated November 27, 2023) with U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association) valued at $1,250,000,000 aggregate principal amount of 7.850% senior unsecured notes due 2033; $1,000,000,000 (effective 2023-11-27).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association)
Value: $1,250,000,000 aggregate principal amount of 7.850% senior unsecured notes due 2033; $1,000,000,000
Effective: 2023-11-27

Exact text from the filing

On November 27, 2023, Tapestry, Inc. (the “ Company ”) issued $500,000,000 aggregate principal amount of 7.050% senior unsecured notes due 2025 (the “ 2025 USD Notes ”), $750,000,000 aggregate principal amount of 7.000% senior unsecured notes due 2026 (the “ 2026 USD Notes ”), $1,000,000,000 aggregate principal amount of 7.350% senior unsecured notes due 2028 (the “ 2028 USD Notes ”), $1,000,000,000 aggregate principal amount of 7.700% senior unsecured notes due 2030 (the “ 2030 USD Notes ”) and $1,250,000,000 aggregate principal amount of 7.850% senior unsecured notes due 2033 (the “ 2033 USD Notes ” together with the 2025 USD Notes, the 2026 USD Notes, the 2028 USD Notes and the 2030 USD Notes, the “ USD Notes ”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

TAPESTRY, INC. entered into EUR Indenture (Third Supplemental Indenture dated November 27, 2023) with U.S. Bank Trust Company, National Association and Elavon Financial Services DAC valued at €500,000,00 aggregate principal amount of 5.350% senior unsecured notes due 2025; €500,000,00 of 5.3 (effective 2023-11-27).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association and Elavon Financial Services DAC
Value: €500,000,00 aggregate principal amount of 5.350% senior unsecured notes due 2025; €500,000,00 of 5.3
Effective: 2023-11-27

Exact text from the filing

On November 27, 2023, the Company issued €500,000,00 aggregate principal amount of 5.350% senior unsecured notes due 2025 (the “ 2025 EUR Notes ”), €500,000,00 aggregate principal amount of 5.375% senior unsecured notes due 2027 (the “ 2027 EUR Notes ”) and €500,000,00 aggregate principal amount of 5.875% senior unsecured notes due 2031 (the “ 2031 EUR Notes ” together with the 2025 EUR Notes and the 2027 EUR Notes, the “ EUR Notes ”).

View on SEC.gov

Browse all material agreements →

TAPESTRY, INC. filing history →

Source: SEC EDGAR

accession 0001140361-23-054703

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.