Michael Kors draws $1 billion in term loans for Jimmy Choo purchase

By Sarah Lizee

Olympia, Wash., Nov. 1 – Michael Kors Holdings Ltd. borrowed $1 billion in term loans under its 364-day senior unsecured credit facility to fund a portion of its acquisition of Jimmy Choo plc, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into the second amended and restated facility on Aug. 22 with JPMorgan Chase Bank, NA as administrative agent.

The transaction was completed on Wednesday for a value of about $1.35 billion.

The acquisition was also funded with an issue of senior notes and cash on hand.

Michael Kors is a New York-based designer and manufacturer of clothing, accessories and footwear. Jimmy Choo is a London-based shoemaker.

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