PVH obtains $275 million revolver due 2021 at Libor plus 225 bps

By Sarah Lizee

Olympia, Wash., April 8 – PVH Corp. entered into a credit agreement on Wednesday with Barclays Bank plc as administrative agent, providing for a $275 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has a $100 million accordion and will mature on April 7, 2021.

Interest is initially Libor plus 225 basis points. The margin varies based on the company’s public debt rating.

The revolver was undrawn at close.

There are affirmative, negative and financial covenants, including maintenance of a minimum interest coverage ratio and a maximum net leverage ratio.

PVH is a New York-based apparel company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.