Michael Kors Holdings Limited Announces Pricing of 4.000% $450,000,000 Senior Notes
October 05 2017 - 5:15PM
Business Wire
Michael Kors Holdings Limited (NYSE: KORS) (the “Company”) today
announced that Michael Kors (USA), Inc., a wholly owned subsidiary
of the Company (the “Issuer”), priced $450,000,000 aggregate
principal amount of its 4.000% senior notes due 2024 (the “Notes”)
at an issue price of 99.508%. The closing of the offering is
expected to occur on October 20, 2017 and is subject to customary
conditions. The Issuer intends to use the net proceeds of the
offering to finance, in part, the Company’s pending acquisition of
Jimmy Choo PLC, a public company organized under the laws of
England and Wales, and its subsidiaries (collectively, “Jimmy
Choo”) (the “Acquisition”) and certain related refinancing
transactions.
The Notes will be senior unsecured notes and will be guaranteed
by the Company and the Company’s existing and future subsidiaries
that guarantee or are borrowers under the Company’s new $2.0
billion senior unsecured credit facilities (the “New Credit
Facilities”) (subject to certain exceptions, including for
subsidiaries organized in China), including, following the closing
of the Acquisition, Jimmy Choo and all of its existing and future
subsidiaries who are guarantors or borrowers under the New Credit
Facilities (subject to certain exceptions, including for
subsidiaries organized in China).
The Notes are being offered only to persons reasonably believed
to be qualified institutional buyers pursuant to Rule 144A under
the Securities Act of 1933, as amended (the “Securities Act”), and
to persons outside of the United States in compliance with
Regulation S under the Securities Act. The issuance and sale of the
Notes have not been registered under the Securities Act, and the
Notes may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy the securities referred to herein,
nor shall there be any offer, solicitation or sale of any
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
Cautionary Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other securities laws. The forward-looking statements involve
risks and uncertainties. Actual results may differ materially from
expectations discussed in such forward-looking statements. Although
the Company believes that its forward-looking statements are based
on reasonable assumptions, expected results may not be achieved,
and actual results may differ materially from its expectations.
The Company’s forward-looking statements should not be relied
upon except as statements of the Company’s present intentions and
of the Company’s present expectations, which may or may not occur.
Cautionary statements should be read as being applicable to all
forward-looking statements wherever they appear. Except as required
by law, the Company undertakes no obligation to release publicly
the result of any revision to these forward-looking statements that
may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
Readers are also urged to carefully review and consider the various
disclosures the Company has made in this release, as well as the
Company’s filings with the Securities and Exchange Commission (the
“SEC”). In particular, see the Company’s Annual Report on Form
10-K, filed with the SEC on May 31, 2017, and Quarterly Report on
Form 10-Q, filed with the SEC on August 9, 2017, copies of which
are available upon request from the Company. The Company does not
assume any obligation to update the forward looking information
contained in this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20171005006395/en/
Investor Relations:Michael Kors Holdings LimitedChristina
Coronios, 201-691-6133InvestorRelations@MichaelKors.comorICR,
Inc.Jean Fontana, 203-682-8200jean.fontana@icrinc.comorMedia:ICR,
Inc.Alecia Pulman, 646-277-1231KorsPR@icrinc.com
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