VF Corp. Draws $1 Billion From Credit Line, Pulls Guidance
March 23 2020 - 7:43AM
Dow Jones News
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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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