Capri Holdings secures $450M term loan facility to repay Nov 2024 notes

Capri Holdings Ltd

$450M senior unsecured delayed draw term loan added to existing revolving credit facility.
Proceeds may be used solely to repay 4.00% senior notes due Nov 1, 2024, issued by Michael Kors (USA), Inc.
Term loans mature 364 days after borrowing; available until Nov 1, 2024. Interest at SOFR plus margin.
Commitment fee of 10-20 bps on unused amount starts 45 days after effective date.
Mandatory prepayment from net proceeds of certain debt, equity, or asset sales.

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