Fossil Group to repay credit facility with proceeds from new notes

By Wendy Van Sickle

Columbus, Ohio, May 13 – Fossil Group, Inc. plans to use proceeds from the sale of senior notes to repay part of its outstanding debt under its revolving credit facility, according to a Wednesday filing with the Securities and Exchange Commission.

As of April 4, Fossil had $407 million borrowed at an annual interest rate of 1.44% on its revolver, which matures May 17, 2018. The debt being repaid was used to refinance obligations under the company’s prior revolver.

Wells Fargo Securities, BofA Merrill Lynch and J.P. Morgan are the bookrunners on the new notes, which are due 2025.

Fossil is a fashion accessories designer and marketer based in Richardson, Texas.

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