Tapestry terminates Capri merger, plans $2B buyback, redeems $6.1B in notes

TAPESTRY, INC.

Tapestry and Capri mutually terminated merger on Nov 13, 2024; no break fee, but Tapestry pays $45M expense reimbursement.
Company to redeem $6.1B in senior notes at 101% plus accrued interest; redemption date on or about Nov 25, 2024.
Board authorized $2B share repurchase program, supplementing $800M remaining; plans accelerated share repurchase in coming weeks.
Fiscal 2025 outlook reaffirmed (non-GAAP); next earnings update scheduled for Feb 6, 2025.
Management targets below 2.5x gross debt to adjusted EBITDA and remains committed to investment grade rating.

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