secwatch.observer — SEC 8-K summary
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Issuer:     TAPESTRY, INC. (TPR)
CIK:        0001116132
Form:       8-K
Filed at:   2024-11-22T23:59:59+00:00
Accession:  0001140361-24-047569
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1116132/000114036124047569/0001140361-24-047569-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1116132/000114036124047569/ef20039097_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-047569

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer