Kontoor Brands to launch $300 million term loan B on Tuesday

By Sara Rosenberg

New York, April 22 – Kontoor Brands Inc. is scheduled to hold a bank meeting at 11 a.m. ET on Tuesday to launch a $300 million seven-year covenant-lite term loan B, according to a market source.

J.P. Morgan Securities LLC and Barclays are the lead banks on the deal.

The term loan B has 101 soft call protection for six months.

Commitments are due on May 7, the source said.

The company is also getting a $750 million term loan A.

Proceeds will be used to help fund the company’s spinoff from VF Corp. and for general corporate purposes.

Closing is expected in the first half of this year, subject to customary conditions.

Kontoor Brands is a Greensboro, N.C.-based jeanswear company.

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