VF Corporation (NYSE: VFC) announced today that it has priced its previously announced offering of senior notes. The offering consists of four tranches: $1 billion aggregate principal amount of unsecured senior notes due 2022 (the “2022 Notes”) priced at 99.982% of the aggregate principal amount with a coupon of 2.050%, $750 million aggregate principal amount of unsecured senior notes due 2025 (the “2025 Notes”) priced at 99.827% of the aggregate principal amount with a coupon of 2.400%, $500 million aggregate principal amount of unsecured senior notes due 2027 (the “2027 Notes”) priced at 99.836% of the aggregate principal amount with a coupon of 2.800% and $750 million aggregate principal amount of unsecured senior notes due 2030 (the “2030 Notes” and, together with the 2022 Notes, 2025 Notes and 2027 Notes, the “Notes”) priced at 99.785% of the aggregate principal amount with a coupon of 2.950%. The sale of the Notes was underwritten by Barclays, BofA Securities, J.P. Morgan and Morgan Stanley as representatives of the underwriters. HSBC, ING, US Bancorp and Wells Fargo Securities also served as joint bookrunners for the Notes.
The Notes offering is expected to close on April 23, 2020, subject to customary closing conditions.
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.
