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

Capri Holdings Ltd

$450M senior unsecured delayed draw term loan facility, available until Nov 1, 2024.
Proceeds may be used solely to repay 4.00% senior notes due Nov 1, 2024.
Term loans mature 364 days after borrowing; interest based on SOFR plus margin.
Subject to pro forma net leverage ratio covenant of no greater than 4.0x.
Commitment fee of 10-20 bps per annum on unused portion accrues after 45 days.

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