Coach gets $300 million term loan, extends maturity of revolver

By Jennifer Chiou

New York, March 18 – Coach, Inc. obtained a $300 million five-year senior unsecured term loan facility under its amended and restated credit agreement with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The company also extended its existing $700 million revolving credit facility to March 18, 2020 from Sept. 9, 2019.

The filing noted that the company drew the full amount under the term loan at closing.

The term loan will be repaid in quarterly installments as follows: $3.75 million for Sept. 30, 2015 through June 30, 2018, $7.5 million for Sept. 30, 2018 through Dec. 31, 2018 and $11.25 million for Sept. 30, 2019 through Dec. 31, 2019, with the remaining outstanding amount due at maturity in 2020.

Coach is a New York-based luxury leather goods company.

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