Michael Kors eyes new senior notes to fund Jimmy Choo acquisition

By Cristal Cody

Tupelo, Miss., Oct. 5 – Michael Kors (USA), Inc. plans to price a Rule 144A and Regulation S offering of guaranteed senior notes (Baa3/BBB-/BBB-), according to a market source and a press release on Thursday.

J.P. Morgan Securities LLC and Goldman Sachs & Co. are the bookrunners.

Michael Kors held fixed income investor calls on Tuesday for the offering.

The notes will be guaranteed by parent company Michael Kors Holdings Ltd. and the company’s existing and future subsidiaries that guarantee debt or are borrowers under its new $2 billion senior credit facilities.

Proceeds will be used to fund the company’s acquisition of shoe maker Jimmy Choo plc.

Michael Kors (USA) is a New York-based designer and manufacturer of clothing, accessories and footwear.

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