Coach prepays $285 million under term loan facility via sale proceeds

By Wendy Van Sickle

Columbus, Ohio, Aug. 3 – Coach, Inc. prepaid $285 million under its term loan facility on Wednesday, according to an 8-K filed with the Securities and Exchange Commission.

Coach also paid $66,896 of interest accrued under the facility, which is provided for by a June 18, 2012 credit agreement with JPMorgan Chase Bank, NA as administrative agent. The prepayment was funded by a portion of the proceeds of the company’s sale of its interest in 10 Hudson Yards in New York City.

The revolving credit facility that is also provided for by the credit agreement will remain in effect.

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

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