New Issue: Ralph Lauren sells $400 million 3.75% notes due 2025 at 90 bps spread

By Cristal Cody

Tupelo, Miss., Aug. 7 – Ralph Lauren Corp. sold $400 million of 3.75% seven-year senior notes (A2/A-/) on Tuesday at a spread of 90 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 99.521 to yield 3.827%.

J.P. Morgan Securities LLC and BofA Merrill Lynch were the bookrunners.

Proceeds will be used for general corporate purposes, including to repay the company’s $300 million of 2.125% senior notes due Sept. 26, 2018.

Ralph Lauren is a New York-based company that designs, markets and distributes apparel, home, accessories and fragrance products.

Issuer:	Ralph Lauren Corp.
Securities:	Senior notes
Amount:	$400 million
Maturity:	Sept. 15, 2025
Bookrunners:	J.P. Morgan Securities LLC and BofA Merrill Lynch
Co-managers:	Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Wells Fargo Securities, LLC, Barclays, Goldman Sachs	& Co. LLC, Loop Capital Markets LLC and SMBC Nikko Securities America, Inc.
Coupon:	3.75%
Price:	99.521
Yield:	3.827%
Spread:	Treasuries plus 90 bps
Call features:	Make-whole call before July 15, 2025 at Treasuries plus 15 bps; thereafter at par
Change-of-control put:	101%
Trade date:	Aug. 7
Settlement date:	Aug. 9
Ratings:	Moody’s: A2
	S&P: A-
Distribution:	SEC registered

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