VFC VF Corporation

By Colin Kellaher

VF Corp. Monday said it is withdrawing its financial guidance and moving to shore up its financial liquidity and flexibility in response to the novel coronavirus pandemic.

The Denver apparel maker said it drew down $1 billion under its $2.25 billion senior unsecured revolving credit facility as a proactive, precautionary measure.

VF said the move effectively funds its working capital needs through the first half of fiscal 2021 and leaves it with roughly $1.5 billion of cash on hand, along with $1 billion remaining under the credit facility.

VF said it is pulling the fiscal 2020 guidance it provided in January due to the disruption and uncertainty caused by the pandemic, adding that is isn't providing an updated outlook at this time.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 23, 2020 07:28 ET (11:28 GMT)

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