VF Corporation Announces Proposed Offering of Senior Notes
April 21 2020 - 8:00AM
Business Wire
VF Corporation (NYSE: VFC) announced today that it plans to
offer, subject to market and other conditions, senior notes that
are expected to be issued in four tranches (the “Notes”) in a
public offering underwritten by Barclays, BofA Securities, J.P.
Morgan and Morgan Stanley as representatives of the underwriters.
HSBC, ING, US Bancorp and Wells Fargo Securities are also serving
as joint bookrunners for the Notes.
The Company intends to use the net proceeds from the debt
offering to repay the borrowings under its senior unsecured
revolving credit facility. The Company intends to use any remaining
net proceeds for general corporate purposes.
The Company has filed a registration statement (including a
prospectus and related preliminary prospectus supplement for the
offering) with the Securities and Exchange Commission (the “SEC”)
for the offering to which this communication relates. Before you
invest, you should read the preliminary prospectus supplement, the
accompanying prospectus in that registration statement and the
other documents the Company has filed with the SEC for more
complete information about the Company and this offering. You may
get these documents for free by visiting EDGAR on the SEC’s website
at www.sec.gov. Alternatively, the Company, any underwriter or any
dealer participating in the offering will arrange to send you the
preliminary prospectus supplement and the accompanying prospectus
if you request it by contacting Barclays Capital Inc. c/o
Broadridge Financial Solutions by mail at 1155 Long Island Avenue,
Edgewood, NY, 11717, by email at barclaysprospectus@broadridge.com,
or by calling 888-603-5847; BofA Securities, Inc. by mail at
NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC,
28255-0001, Attn: Prospectus Department, by calling toll-free
1-800-294-1322; J.P. Morgan Securities LLC, by calling collect at
212-834-4533; or Morgan Stanley & Co. LLC by mail at 180 Varick
Street, 2nd Floor, New York, NY 10014 Attn: Prospectus Department,
by email at prospectus@morganstanley.com, or by calling
866-718-1649.
This press release shall not constitute an offer to sell nor a
solicitation of an offer to buy any securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
offering of the Notes may be made only by means of a prospectus
supplement and the accompanying prospectus.
About VF
Founded in 1899, VF Corporation is one of the world’s largest
apparel, footwear and accessories companies connecting people to
the lifestyles, activities and experiences they cherish most
through a family of iconic outdoor, active and workwear brands
including Vans®, The North Face®, Timberland® and Dickies®. Our
purpose is to power movements of sustainable and active lifestyles
for the betterment of people and our planet. We connect this
purpose with a relentless drive to succeed to create value for all
stakeholders and use our company as a force for good. For more
information, please visit vfc.com.
Forward-Looking Statements
Certain statements included in this release are "forward-looking
statements" within the meaning of the federal securities laws.
Forward-looking statements are made based on our expectations and
beliefs concerning future events impacting VF and therefore involve
several risks and uncertainties. You can identify these statements
by the fact that they use words such as “will,” “anticipate,”
“estimate,” “expect,” “should,” and “may” and other words and terms
of similar meaning or use of future dates. We caution that
forward-looking statements are not guarantees and that actual
results could differ materially from those expressed or implied in
the forward-looking statements. Potential risks and uncertainties
that could cause the actual results of operations or financial
condition of VF to differ materially from those expressed or
implied by forward-looking statements include, but are not limited
to: risks arising from the widespread outbreak of an illness or any
other communicable disease, or any other public health crisis,
including the coronavirus (COVID-19) global pandemic; risks
associated with the spin-off of our Jeanswear business completed on
May 22, 2019, including the risk that VF will not realize all of
the expected benefits of the spin-off; the risk that the spin-off
will not be tax-free for U.S. federal income tax purposes; and the
risk that there will be a loss of synergies from separating the
businesses that could negatively impact the balance sheet, profit
margins or earnings of VF. There are also risks associated with the
relocation of our global headquarters and a number of brands to the
metro Denver area, including the risk of significant disruption to
our operations, the temporary diversion of management resources and
loss of key employees who have substantial experience and expertise
in our business, the risk that we may encounter difficulties
retaining employees who elect to transfer and attracting new talent
in the Denver area to replace our employees who are unwilling to
relocate, the risk that the relocation may involve significant
additional costs to us and that the expected benefits of the move
may not be fully realized. Other risks include foreign currency
fluctuations; the level of consumer demand for apparel, footwear
and accessories; disruption to VF’s distribution system; the
financial strength of VF’s customers; fluctuations in the price,
availability and quality of raw materials and contracted products;
disruption and volatility in the global capital and credit markets;
VF’s response to changing fashion trends, evolving consumer
preferences and changing patterns of consumer behavior; intense
competition from online retailers; manufacturing and product
innovation; increasing pressure on margins; VF’s ability to
implement its business strategy; VF’s ability to grow its
international and direct-to-consumer businesses; VF’s and its
vendors’ ability to maintain the strength and security of
information technology systems; the risk that VF’s facilities and
systems and those of our third-party service providers may be
vulnerable to and unable to anticipate or detect data security
breaches and data or financial loss; VF’s ability to properly
collect, use, manage and secure consumer and employee data;
stability of VF’s manufacturing facilities and foreign suppliers;
continued use by VF’s suppliers of ethical business practices; VF’s
ability to accurately forecast demand for products; continuity of
members of VF’s management; VF’s ability to protect trademarks and
other intellectual property rights; possible goodwill and other
asset impairment; maintenance by VF’s licensees and distributors of
the value of VF’s brands; VF’s ability to execute and integrate
acquisitions; changes in tax laws and liabilities; legal,
regulatory, political and economic risks; the risk of economic
uncertainty associated with the exit of the United Kingdom from the
European Union (“Brexit”) or any other similar referendums that may
be held; and adverse or unexpected weather conditions. More
information on potential factors that could affect VF’s financial
results is included from time to time in VF’s public reports filed
with the SEC, including VF’s Annual Report on Form 10-K, and
Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished
with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200421005497/en/
VF Corporation Contacts: Joe
Alkire Vice President, Corporate Development, Investor Relations
and Treasury (720) 778-4051
Craig Hodges Vice President, Corporate Affairs (720)
778-4116
VF (NYSE:VFC)
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