Barclays Agents Credit Facility to Fund PVH Acquisition
PVH announced it has completed its acquisition of The Warnaco Group, an apparel maker of iconic brands led by Calvin Klein and Tommy Hilfiger, as well as its heritage brands Van Heusen, IZOD, ARROW, Bass, Speedo, Olga and Warner’s.
PVH also announced that it has closed on its previously announced new senior secured credit facilities. The facilities consist of U.S. dollar-dominated term loans in an aggregate amount of $3.075 billion, a portion of which matures in 2018 and a portion of which matures in 2020; and a $750 million revolving credit facility that matures in 2018, which was undrawn at closing.
PVH said Barclays Bank is acting as administrative agent and collateral agent. Barclays, BofA Merrill Lynch and Citigroup Global Markets were joint lead arrangers, and Barclays, Merrill Lynch, Citigroup Global Markets, Credit Suisse Securities (USA) and RBC Capital Markets were joint lead bookrunners on the financing.