[8-K] V.F. Corporation Reports Material Event
V.F. Corporation entered into a new Credit Agreement providing multi-part facilities to support its liquidity and refinance prior indebtedness. The agreement includes a $100 million letter of credit subfacility, a $100 million swing-line subfacility, a $400 million subfacility for borrowers formed in Switzerland subject to an eligible-asset borrowing base, and a $75 million subfacility for a borrower formed in Germany subject to a receivables borrowing base. The Credit Facility also includes an uncommitted accordion feature enabling expansion of the facility up to $2.00 billion under specified conditions.
Borrowings may be used to refinance the company’s existing indebtedness under the terminated agreement, to pay fees and expenses related to the Credit Facility, and for working capital and general corporate purposes. The agreement lists multiple administrative and arranging banks and is signed on behalf of the company by Paul Vogel, Executive Vice President and Chief Financial Officer.
V.F. Corporation ha stipulato un nuovo Credit Agreement che prevede più linee di finanziamento per sostenere la liquidità e rifinanziare indebitamenti preesistenti. L’accordo include una sublinea per lettere di credito da $100 milioni, una sublinea swing-line da $100 milioni, una sublinea da $400 milioni dedicata a debitori costituiti in Svizzera e soggetta a una base di prestito su attività idonee, e una sublinea da $75 milioni per un debitore costituito in Germania soggetta a una base di prestito su crediti commerciali. Il finanziamento prevede inoltre una clausola accordion non impegnativa che consente, al verificarsi di determinate condizioni, di ampliare la facility fino a $2,00 miliardi.
I finanziamenti possono essere impiegati per rifinanziare l’indebitamento esistente in virtù dell’accordo risolto, per pagare commissioni e spese connesse al Credit Facility e per capitale circolante e finalità societarie generali. L’accordo elenca più banche amministrative e arrangiatrici ed è firmato per conto della società da Paul Vogel, Executive Vice President e Chief Financial Officer.
V.F. Corporation suscribió un nuevo Credit Agreement que contempla múltiples facilidades para respaldar su liquidez y refinanciar deudas previas. El acuerdo incluye una subfacilidad de cartas de crédito por $100 millones, una subfacilidad swing-line por $100 millones, una subfacilidad de $400 millones para prestatarios constituidos en Suiza sujeta a una base de préstamo sobre activos elegibles, y una subfacilidad de $75 millones para un prestatario constituido en Alemania sujeta a una base de préstamo sobre cuentas por cobrar. La facilidad de crédito también contempla una característica accordion no comprometida que permite ampliar la línea hasta $2.00 mil millones bajo condiciones especificadas.
Los préstamos pueden utilizarse para refinanciar la deuda existente de la empresa bajo el acuerdo terminado, para pagar honorarios y gastos relacionados con la Credit Facility, y para capital de trabajo y fines corporativos generales. El acuerdo enumera varias entidades bancarias administradoras y colocadoras y está firmado en nombre de la compañía por Paul Vogel, Executive Vice President y Chief Financial Officer.
V.F. Corporation는 유동성 지원 및 기존 채무 재융자를 위해 다중 시설을 갖춘 새로운 신용계약(Credit Agreement)을 체결했습니다. 해당 계약에는 $1억 규모의 신용장(subfacility), $1억 규모의 스윙라인 서브패실리티, 스위스에 설립된 차주를 위한 $4억 규모의 서브패실리티(적격자산 차입한도 적용), 독일에 설립된 차주를 위한 $7,500만 규모의 서브패실리티(매출채권 차입한도 적용)가 포함되어 있습니다. 또한 특정 조건하에 시설을 최대 $20억까지 확장할 수 있는 비확정적 액코디언(accordion) 기능도 포함되어 있습니다.
차입금은 해지된 기존 계약에 따른 회사의 기존 채무 재융자, 신용시설 관련 수수료 및 비용 지급, 운전자본 및 일반 기업 목적으로 사용될 수 있습니다. 본 계약에는 여러 관리·주선 은행이 명시되어 있으며 회사 측 서명은 부사장 겸 최고재무책임자인 Paul Vogel이 대리 서명했습니다.
V.F. Corporation a conclu un nouvel Credit Agreement comprenant plusieurs lignes de financement destinées à soutenir sa liquidité et à refinancer des dettes antérieures. L’accord comporte une sub-facilité de lettre de crédit de 100 millions $, une sub-facilité swing-line de 100 millions $, une sub-facilité de 400 millions $ pour des emprunteurs constitués en Suisse, soumise à une base d’emprunt fondée sur des actifs éligibles, et une sub-facilité de 75 millions $ pour un emprunteur constitué en Allemagne, soumise à une base d’emprunt sur créances. La facilité de crédit inclut également une option accordion non engagée permettant, sous conditions, d’étendre la facilité jusqu’à 2,00 milliards $.
Les emprunts peuvent servir à refinancer l’endettement existant de la société au titre de l’accord résilié, à régler les frais et dépenses liés à la Credit Facility, ainsi qu’au fonds de roulement et à des fins générales d’entreprise. L’accord énumère plusieurs banques administratrices et arrangeuses et est signé pour la société par Paul Vogel, Executive Vice President et Chief Financial Officer.
Die V.F. Corporation hat einen neuen Kreditvertrag (Credit Agreement) abgeschlossen, der mehrere Finanzierungsfazilitäten zur Unterstützung der Liquidität und zur Refinanzierung früherer Verbindlichkeiten vorsieht. Der Vertrag umfasst eine $100 Millionen Letter-of-Credit-Subfazilität, eine $100 Millionen Swing-Line-Subfazilität, eine $400 Millionen Subfazilität für in der Schweiz gegründete Kreditnehmer, die einer Sicherheitenbasis für zulässige Vermögenswerte unterliegt, sowie eine $75 Millionen Subfazilität für einen in Deutschland gegründeten Kreditnehmer, die einer Forderungsbasis unterliegt. Die Kreditfazilität enthält außerdem eine unverpflichtende Accordion-Funktion, die unter bestimmten Bedingungen eine Erweiterung der Facility auf bis zu $2,00 Milliarden erlaubt.
Die Mittel können zur Refinanzierung der bestehenden Verbindlichkeiten aus dem beendeten Vertrag, zur Zahlung von Gebühren und Kosten im Zusammenhang mit der Kreditfazilität sowie für das Working Capital und allgemeine Unternehmenszwecke verwendet werden. Im Vertrag sind mehrere administrative und arrangierende Banken aufgeführt; namens der Gesellschaft unterschrieben hat Paul Vogel, Executive Vice President und Chief Financial Officer.
- Dedicated subfacilities for letters of credit ($100M) and a swing-line ($100M) support short-term liquidity needs
- $400M Swiss subfacility and $75M German subfacility provide targeted cross-border borrowing capacity with borrowing-base protections
- Uncommitted accordion allows potential expansion up to $2.00 billion, offering optional flexibility for larger funding needs
- Permitted uses include refinancing existing indebtedness and working capital, helping to manage near-term refinancing risk
- None.
Insights
TL;DR: New revolving credit package expands short-term liquidity options, includes sizable accordion and targeted regional subfacilities.
The Credit Agreement materially strengthens V.F. Corporation's committed and contingent liquidity profile by creating dedicated subfacilities for letters of credit, a swing-line, and region-specific borrowing capacity for Swiss and German borrowers with borrowing-base protections. The uncommitted accordion to $2.00 billion provides optional expansion flexibility without immediate commitment, which can support working capital needs or future refinancing. Uses explicitly include refinancing prior indebtedness and general corporate purposes, reducing near-term refinancing risk tied to the terminated agreement. Syndication and multiple lead arrangers suggest broad lender participation.
TL;DR: The facility is structured to preserve operational flexibility and address cross-border funding needs with borrowing-base controls.
The inclusion of a borrowing base for Swiss and German borrower subfacilities indicates lender risk controls for international receivables and inventory exposure. Separate sublimits for letters of credit and a swing-line support day-to-day treasury operations. While the accordion is uncommitted, its size signals potential scale if market conditions and contractual consent permit expansion. The explicit purpose to refinance the prior facility centralizes debt under the new agreement, clarifying the company’s near-term capital structure plan.
V.F. Corporation ha stipulato un nuovo Credit Agreement che prevede più linee di finanziamento per sostenere la liquidità e rifinanziare indebitamenti preesistenti. L’accordo include una sublinea per lettere di credito da $100 milioni, una sublinea swing-line da $100 milioni, una sublinea da $400 milioni dedicata a debitori costituiti in Svizzera e soggetta a una base di prestito su attività idonee, e una sublinea da $75 milioni per un debitore costituito in Germania soggetta a una base di prestito su crediti commerciali. Il finanziamento prevede inoltre una clausola accordion non impegnativa che consente, al verificarsi di determinate condizioni, di ampliare la facility fino a $2,00 miliardi.
I finanziamenti possono essere impiegati per rifinanziare l’indebitamento esistente in virtù dell’accordo risolto, per pagare commissioni e spese connesse al Credit Facility e per capitale circolante e finalità societarie generali. L’accordo elenca più banche amministrative e arrangiatrici ed è firmato per conto della società da Paul Vogel, Executive Vice President e Chief Financial Officer.
V.F. Corporation suscribió un nuevo Credit Agreement que contempla múltiples facilidades para respaldar su liquidez y refinanciar deudas previas. El acuerdo incluye una subfacilidad de cartas de crédito por $100 millones, una subfacilidad swing-line por $100 millones, una subfacilidad de $400 millones para prestatarios constituidos en Suiza sujeta a una base de préstamo sobre activos elegibles, y una subfacilidad de $75 millones para un prestatario constituido en Alemania sujeta a una base de préstamo sobre cuentas por cobrar. La facilidad de crédito también contempla una característica accordion no comprometida que permite ampliar la línea hasta $2.00 mil millones bajo condiciones especificadas.
Los préstamos pueden utilizarse para refinanciar la deuda existente de la empresa bajo el acuerdo terminado, para pagar honorarios y gastos relacionados con la Credit Facility, y para capital de trabajo y fines corporativos generales. El acuerdo enumera varias entidades bancarias administradoras y colocadoras y está firmado en nombre de la compañía por Paul Vogel, Executive Vice President y Chief Financial Officer.
V.F. Corporation는 유동성 지원 및 기존 채무 재융자를 위해 다중 시설을 갖춘 새로운 신용계약(Credit Agreement)을 체결했습니다. 해당 계약에는 $1억 규모의 신용장(subfacility), $1억 규모의 스윙라인 서브패실리티, 스위스에 설립된 차주를 위한 $4억 규모의 서브패실리티(적격자산 차입한도 적용), 독일에 설립된 차주를 위한 $7,500만 규모의 서브패실리티(매출채권 차입한도 적용)가 포함되어 있습니다. 또한 특정 조건하에 시설을 최대 $20억까지 확장할 수 있는 비확정적 액코디언(accordion) 기능도 포함되어 있습니다.
차입금은 해지된 기존 계약에 따른 회사의 기존 채무 재융자, 신용시설 관련 수수료 및 비용 지급, 운전자본 및 일반 기업 목적으로 사용될 수 있습니다. 본 계약에는 여러 관리·주선 은행이 명시되어 있으며 회사 측 서명은 부사장 겸 최고재무책임자인 Paul Vogel이 대리 서명했습니다.
V.F. Corporation a conclu un nouvel Credit Agreement comprenant plusieurs lignes de financement destinées à soutenir sa liquidité et à refinancer des dettes antérieures. L’accord comporte une sub-facilité de lettre de crédit de 100 millions $, une sub-facilité swing-line de 100 millions $, une sub-facilité de 400 millions $ pour des emprunteurs constitués en Suisse, soumise à une base d’emprunt fondée sur des actifs éligibles, et une sub-facilité de 75 millions $ pour un emprunteur constitué en Allemagne, soumise à une base d’emprunt sur créances. La facilité de crédit inclut également une option accordion non engagée permettant, sous conditions, d’étendre la facilité jusqu’à 2,00 milliards $.
Les emprunts peuvent servir à refinancer l’endettement existant de la société au titre de l’accord résilié, à régler les frais et dépenses liés à la Credit Facility, ainsi qu’au fonds de roulement et à des fins générales d’entreprise. L’accord énumère plusieurs banques administratrices et arrangeuses et est signé pour la société par Paul Vogel, Executive Vice President et Chief Financial Officer.
Die V.F. Corporation hat einen neuen Kreditvertrag (Credit Agreement) abgeschlossen, der mehrere Finanzierungsfazilitäten zur Unterstützung der Liquidität und zur Refinanzierung früherer Verbindlichkeiten vorsieht. Der Vertrag umfasst eine $100 Millionen Letter-of-Credit-Subfazilität, eine $100 Millionen Swing-Line-Subfazilität, eine $400 Millionen Subfazilität für in der Schweiz gegründete Kreditnehmer, die einer Sicherheitenbasis für zulässige Vermögenswerte unterliegt, sowie eine $75 Millionen Subfazilität für einen in Deutschland gegründeten Kreditnehmer, die einer Forderungsbasis unterliegt. Die Kreditfazilität enthält außerdem eine unverpflichtende Accordion-Funktion, die unter bestimmten Bedingungen eine Erweiterung der Facility auf bis zu $2,00 Milliarden erlaubt.
Die Mittel können zur Refinanzierung der bestehenden Verbindlichkeiten aus dem beendeten Vertrag, zur Zahlung von Gebühren und Kosten im Zusammenhang mit der Kreditfazilität sowie für das Working Capital und allgemeine Unternehmenszwecke verwendet werden. Im Vertrag sind mehrere administrative und arrangierende Banken aufgeführt; namens der Gesellschaft unterschrieben hat Paul Vogel, Executive Vice President und Chief Financial Officer.
FAQ
What are the main subfacilities included in VFC's new Credit Agreement?
How large can the Credit Facility become under the accordion feature?
What may V.F. Corporation use borrowings under the Credit Agreement for?
Are there borrowing-base conditions for any subfacility?
Who signed the filing on behalf of V.F. Corporation?
