Tapestry Signs $2 Billion Accelerated Stock Buyback Deals

MT Newswires Live11-22 20:10

Tapestry (TPR) said Friday it has signed accelerated share repurchase deals with Bank of America and Morgan Stanley to buyback $2 billion of its common shares.

Under the terms, the company will receive an initial delivery of 28.4 million shares on Tuesday, representing 80% of the ASR deal, Tapestry added.

The final settlements are expected no later than fiscal Q1 2026 ending Sept. 27, 2025, the company said.

Tapestry will finance the buyback with a $750 million new term loan credit agreement, $1 billion of borrowings under its revolving credit facility, and $250 million in cash on hand, it added.

The deal is part of the company's $2.8 billion share repurchase authorization.

Shares of Tapestry were up 2% in recent Friday premarket activity.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment