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BRIEF-Coach plans to use borrowings under term loan facilities to fund, in part, purchase price of planned acquisition of Kate Spade
May 31, 2017 / 10:44 AM / 3 months ago

BRIEF-Coach plans to use borrowings under term loan facilities to fund, in part, purchase price of planned acquisition of Kate Spade

May 31 (Reuters) - Coach Inc:

* On May 30, co entered into a definitive credit agreement with a syndicate of banks and financial institutions - sec filing

* Coach Inc - plans to use borrowings under term loan facilities to fund, in part, purchase price of co's planned acquisition of Kate Spade

* Coach - revolving credit facility will replace previously existing credit facility under amendment and restatement agreement, dated as of march 18, 2015

* Coach Inc - under‍ agreement lenders have committed to lend an $800 million term loan facility maturing six months after term loans thereunder are borrowed

* Coach - under agreement lenders have committed to lend a $300 million term loan facility maturing 3 years after term loans thereunder are borrowed

* Coach inc - ‍agreement provides that revolving commitments under revolving credit facility may be increased by an amount not to exceed $300 million​

* Coach- ‍aggregate amount outstanding at any time with respect to standby letters of credit may not exceed $125 million

* Coach - under agreement, lenders have also made available to company a $900 million revolving credit facility with a maturity date of may 30, 2022 Source text (bit.ly/2qzXMNS) Further company coverage:

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