VF borrows $1 billion under revolving credit facility

By Sara Rosenberg

New York, March 23 – VF Corp. drew down $1 billion from its revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

JPMorgan Chase Bank is the administrative agent on the deal.

The draw strengthens the company’s cash position and effectively funds its expected working capital requirements through the first half of fiscal 2021.

After the draw, the company expects to have about $1.5 billion of cash on hand and around $1 billion remaining under the revolver.

VF is a Greenwood Village, Colo.-based apparel, footwear and accessories company.

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