NEW YORK CITY — December 6, 2017 — PVH Corp. today announced that it has commenced an offer to sell 500 million euro principal amount of senior notes due 2027 (the “2027 Notes”). The company also delivered a Conditional Notice of Redemption to holders of its outstanding 4.50 percent Senior Notes due 2022 (the “2022 Notes”), at a redemption price of 102.250 percent of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date. The redemption is conditioned on the completion of the offering of the 2027 Notes in an aggregate principal amount of at least 500 million euros. The Company intends to use the net proceeds from the offering of the 2027 Notes, together with borrowings under its revolving credit facility and cash on hand, to fund the redemption of all of the 2022 Notes.
The 2027 Notes are being offered in a private offering to qualified institutional buyers in the U.S. pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain persons outside of the U.S. pursuant to Regulation S under the Securities Act. The 2027 Notes will not be registered under the Securities Act, or the securities laws of any state, and may not be offered or sold in the U.S. without registration or an applicable exemption from the registration requirements. Completion of the offering is subject to market and other conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the 2027 Notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release does not constitute a notice of redemption with respect to the 2022 Notes to be redeemed with the net proceeds of the offering. There can be no assurances that the conditions precedent to the redemption of the 2022 Notes will be satisfied or that the redemption of the 2022 Notes will occur.
Posted December 6, 2017
Source: PVH Corp.
