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Bloomberg Published
December 4,谷歌留痕软件配置教程 2025
The owner of Coach and Kate Spade brands, Tapestry Inc., is tapping the investment-grade bond market Wednesday, for the first time after being forced to abandon its acquisition of Capri Holdings Ltd.
The retailer is looking to sell bonds in as many as two parts after sounding out investors a day earlier, according to a person familiar with the matter. The longest portion of the deal, a 10-year note, may yield in the area of 1.6 percentage point over Treasuries, said the person, who asked not to be identified as the details are private.
Proceeds from the sale will be used to repay the $750 million term loan and $1 billion of borrowings under a revolving credit facility it used to fund the share repurchases it announced after its Capri acquisition was blocked.
Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley are leading the new bond sale.
A representative for Tapestry didn’t immediately respond to a request for comment.
Tapestry’s $8.5 billion deal with Capri, the owner of the Michael Kors and Versace labels, was scuttled after a court order froze the proposed combination on concerns it would hurt competition in the market for branded handbags. The company was then forced to buy back $6.1 billion of bonds it sold to fund the purchase.
Tapestry last borrowed from high-grade debt market about a year ago when it was looking to fund the acquisition. It sold $4.5 billion of US dollar-denominated and €1.5 billion of euro-denominated notes in maturities ranging from two years to 10 years.