V.F. Corp. gets $1.25 billion facility for general corporate purposes

By Aleesia Forni

Columbus, Ohio, Dec. 12 - V.F. Corp. entered into a new $1.25 billion five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing on the revolver ranges from Libor plus 69 basis points to Libor plus 127.5 bps, based on the company's credit rating.

Facility fees range from 6 bps to 22.5 bps.

Subject to certain terms and conditions, the company may request two one-year extensions of the stated termination date.

Borrowings under the credit agreement may be used for general corporate purposes, including acquisitions and repurchases of outstanding shares of the company's common stock.

In connection with the new facility, the company terminated its existing $1 billion credit agreement and its €250 million credit agreement, both set to expire in October 2012.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch and Wells Fargo Securities LLC are joint lead arrangers and joint bookrunners.

JPMorgan Chase Bank NA is administrative agent, and J.P. Morgan Europe Ltd. is London Agent.

Bank of America NA is syndication agent, and Wells Fargo Bank NA is documentation agent.

V.F. Corp. is a Greensboro, N.C.-based producer of branded lifestyle apparel and footwear.

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