Tapestry launches $2.0B ASR, expects initial 28.4M share delivery on Nov 26

TAPESTRY, INC.

Entered ASR agreements with Bank of America and Morgan Stanley to repurchase $2.0B of common stock.
Initial delivery of 28,363,766 shares (approx 80% of expected total) scheduled for Nov 26, 2024.
Partially funded by $750M 6-month term loan at SOFR + 1.125%; also using revolver and cash.
Final settlement due no later than Q1 fiscal 2026; $800M remains under existing authorization.
Company expects to return over 100% of fiscal 2025 free cash flow via dividends and buybacks.

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