Tapestry starts tender offer for up to $500 million from two notes

Chicago, Nov. 15 – Tapestry, Inc. is offering to buy up to $500 million from two senior notes, according to a notice.

Listed in acceptance priority order, the company is offering to buy from the $600 million outstanding 4.25% senior notes due 2025 (Cusip: 189754AA2) and the $600 million outstanding 4.125% senior notes due 2027 (Cusip: 189754AC8).

Both considerations will be priced using the 1.125% U.S. Treasury due Oct. 31, 2026 and their par call dates.

The 2025 notes will be priced using the U.S. Treasury and a 15 basis points spread for a hypothetical total consideration of $1,085.84, and the 2027 notes will be priced using an 85 bps spread for a hypothetical total consideration of $1,102.59.

Interest will also be paid to the applicable settlement date.

Pricing will take place at 10 a.m. ET on Nov. 30.

Noteholders who tender their notes after the early deadline will receive the total consideration minus a $30 early tender premium.

The offer is subject to the satisfaction of a financing condition. The company seeks to raise at least $500 million via a new debt financing transaction.

Tenders may be subject to proration.

The early tender deadline for the total consideration is 5 p.m. ET on Nov. 29. The early deadline is also the withdrawal deadline.

The tender offer will expire at 11:59 p.m. ET on Dec. 13.

The initial settlement date is planned for Dec. 1.

Final settlement is expected on Dec. 15.

There are no guaranteed delivery procedures.

Dealer managers for the tender offer are BofA Securities, Inc. (888 292-0070, 980 387-3907), HSBC Securities (USA) Inc. (888 HSBC-4LM, 212 525-5552, lmamericas@ushsbc.com) and J.P. Morgan Securities LLC (866 834-4666, 212 834-4087).

D.F. King & Co., Inc is the information and tender agent for the offer (800 714-3306, 212 269-5550, tpr@dfking.com).

Tapestry is a New York-based luxury fashion company. Global brands include Coach, kate spade new york and Stuart Weitzman.

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