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VF reports $85.5 million early tenders of 6% notes due 2033, 6.45% notes due 2037
By Rebecca Melvin
New York, Feb. 18 – VF Corp. announced that it has received valid tenders of $85.5 million of notes, including $22,475,000 of its 6% notes due 2033 and $63 million of its 6.45% notes due 2037, prior to the early tender deadline of 5 p.m. ET on Feb. 14, according to a company news release.
The company announced that it was tendering for any and all of its $300 million of 6% notes and $350 million of 6.45% notes on Feb. 3.
Those notes validly tendered by the early deadline are eligible to receive a $30 per bond early tender premium.
Total consideration for the 6% notes will be $1,373.83 per $1,000 principal amount of notes. The total consideration is based on the 1.75% Treasury security due Nov. 15, 2029, a reference yield of 1.554% and a fixed spread of 115 basis points.
Total consideration for the 6.45% notes will be $1,506.45 per $1,000 principal amount of notes. The total consideration is based on the 2.25% Treasury security due Aug. 15, 2049, a reference yield of 1.999% and a fixed spread of 80 bps.
The reference yields were determined at 11 a.m. ET on Feb. 18.
Settlement of the notes tendered by the early deadline is Feb. 25.
The overall offer expires at 11:59 p.m. ET on March 2.
Barclays and Morgan Stanley & Co. LLC are acting as the dealer managers for the tender offer.
The information agent and tender agent is D.F. King & Co. Inc. (212 269-5550). Questions from holders should be directed to Barclays, Liability Management Group at (212 528-7581 collect) or Morgan Stanley & Co. LLC, Liability Management Group (212 761-1057 collect).
VF is an apparel, footwear and accessories company based in Denver.
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