VF Corp amends $2.25B revolver to permit up to $1B impairment addback, adds covenant flexibility

V F CORP

Amendment to $2.25B revolver allows up to $1B addback for non-cash impairment charges and IRS write-off in financial covenant calculations.
New ratings categories added for pricing grid; additional restrictions on liens and dividends during Covenant Modification Period.
Investigation of Dec 2023 cybersecurity incident has concluded; no new details disclosed.
Company represented no Default or Event of Default as of April 25, 2024.
Covenant flexibility extended through September 2025; addback cap reduces to $500M after that.

item 1.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

V F CORP amended Revolver Amendment valued at $2.25 billion (effective 2024-04-25).

Action: amendment
Agreement: credit facility
Value: $2.25 billion
Effective: 2024-04-25

Exact text from the filing

On April 25, 2024, (the “Amendment Effective Date”), V.F. Corporation (the “Company” or “VF”) entered into an amendment (the “Revolver Amendment”) to its $2.25 billion senior unsecured revolving credit facility that expires November 2026 (the “Revolver Agreement”).

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Source: SEC EDGAR

accession 0001193125-24-118163

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