AI English summary of an SEC filing — figures as filed
Tapestry TPRTapestry said it entered into an underwriting agreement on December 4, 2024 with BofA Securities, Morgan Stanley and J.P. Morgan as representatives of the underwriters for a public offering of 5.100% senior unsecured notes due 2030 and 5.500% senior unsecured notes due 2035, each in an aggregate principal amount of $750,000,000.
Key points
AI summaryTapestry said it entered into an underwriting agreement on December 4, 2024 with BofA Securities, Morgan Stanley and J.P. Morgan as representatives of the underwriters for a public offering of 5.100% senior unsecured notes due 2030 and 5.500% senior unsecured notes due 2035, each in an aggregate principal amount of $750,000,000.
The company said it expects the sale of the notes to close on or about December 11, 2024. It said the underwriting agreement contains customary representations, warranties and closing conditions, as well as indemnification rights and obligations of the parties.
Tapestry said it plans to use the net proceeds from the notes, together with cash on hand, to repay loans under its term loan credit agreement and borrowings under its revolving credit facility, and for general corporate purposes. The company said those borrowings were used to fund share repurchases under its accelerated share repurchase agreements.
The company said the offer and sale of the notes are registered under the Securities Act of 1933 through an automatic shelf registration statement on Form S-3 (File No. 333-276823) filed with the SEC. It also said it issued press releases on December 4, 2024 announcing the launch and the pricing of the offering, respectively. The filing date of the shelf registration is February 1, 2024.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Public offering of two series of senior unsecured notes, each $750,000,000
Tapestry said it entered into an underwriting agreement on December 4, 2024 with BofA Securities, Morgan Stanley and J.P. Morgan as representatives of the underwriters for a public offering of 5.100% senior unsecured notes due 2030 and 5.500% senior unsecured notes due 2035, each in an aggregate principal amount of $750,000,000.
Source · Based on the filing body and exhibits
Expected closing date of notes sale December 11, 2024
The company said it expects the sale of the notes to close on or about December 11, 2024. It said the underwriting agreement contains customary representations, warranties and closing conditions, as well as indemnification rights and obligations of the parties.
Source · Based on the filing body and exhibits
Use of net proceeds: repayment of term loan and revolving credit facility
Tapestry said it plans to use the net proceeds from the notes, together with cash on hand, to repay loans under its term loan credit agreement and borrowings under its revolving credit facility, and for general corporate purposes. The company said those borrowings were used to fund share repurchases under its accelerated share repurchase agreements.
Source · Based on the filing body and exhibits
Form S-3 automatic shelf registration and press releases on offering launch and pricing
The company said the offer and sale of the notes are registered under the Securities Act of 1933 through an automatic shelf registration statement on Form S-3 (File No. 333-276823) filed with the SEC. It also said it issued press releases on December 4, 2024 announcing the launch and the pricing of the offering, respectively. The filing date of the shelf registration is February 1, 2024.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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