Coach Owner Kicks Off Bond Sale to Repay Loans After Scrapped Deal

Bloomberg12-04

(Bloomberg) -- 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...

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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.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1548497426.USD":"安联环球人工智能AT Acc","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","TPR":"Tapestry Inc.","BK4202":"服装、服饰与奢侈品","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4127":"投资银行业与经纪业","BK4516":"特朗普概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","BK4585":"ETF&股票定投概念","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","BK4534":"瑞士信贷持仓","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","CPRI":"Capri Holdings Ltd","BK4588":"碎股","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0106831901.USD":"贝莱德世界金融基金A2","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","BK4504":"桥水持仓","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","BK4581":"高盛持仓","LU0971096721.USD":"富达环球金融服务 A"},"translate_title":"教练老板在交易取消后开始出售债券以偿还贷款","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"US7Y.BOND":1,"US6M.BOND":1,"US5Y.BOND":1,"US3Y.BOND":1,"US30Y.BOND":1,"US2Y.BOND":1,"US12M.BOND":1,"US10Y.BOND":1,"CPRI":0.9,"TPR":0.9},"content_text":"(Bloomberg) -- 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. \nThe 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. \nProceeds from the sale will be used to repay the $750 million term loan and $1 billion of borrowings under a revolving credit facility it used to fund the share repurchases it announced after its Capri acquisition was blocked.\n$Bank of America Corp(BAC-N)$., JPMorgan Chase & Co. and Morgan Stanley are leading the new bond sale. \nA representative for Tapestry didn’t immediately respond to a request for comment.\nTapestry’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.\nTapestry 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.\n©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2488118903"}