By Mary-Katherine Stinson
Lexington, Ky., March 7 – VF Corp. issued €500 million of 4.25% senior notes due March 7, 2029 (Baa2/BBB+), according to multiple filings with Securities and Exchange Commission.
The notes priced at 99.57 to yield 4.333%, or at Bunds plus 184.3 bps.
The notes are redeemable at the company’s option at a make-whole premium of Bunds plus 30 basis points prior to Dec. 7, 2028. The last three months the notes feature a par call.
Any change of control will make the notes putable at 101.
The co-global coordinators and joint bookrunners were J.P. Morgan Securities plc and Morgan Stanley & Co. International plc.
Barclays, Goldman Sachs & Co. LLC, Toronto-Dominion Bank and Wells Fargo Securities International Ltd. were listed as bookrunners.
Proceeds will be used to finance eligible projects that contribute to selected sustainable development goals.
The notes priced with a €500 million conventional senior note tranche due 2026.
The lifestyle apparel company is based in Denver, Colo.
| Issuer: | VF Corp.
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| Amount: | €500 million
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| Issue: | Sustainable senior notes
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| Maturity: | March 7, 2029
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| Bookrunners: | J.P. Morgan Securities plc, Morgan Stanley & Co. International plc, Barclays, Goldman Sachs & Co. LLC, Toronto-Dominion Bank and Wells Fargo Securities International Ltd.
|
| Senior co-managers: | PNC Capital Markets LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc., Merrill Lynch International and HSBC Bank plc
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| Trustee: | Bank of New York Mellon Trust Co., NA
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| Counsel to issuer: | In-house and Davis Polk & Wardwell LLP
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| Counsel to underwriters: | Simpson Thacher & Bartlett LLP
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| Coupon: | 4.25%
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| Price: | 99.57
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| Yield: | 4.333%
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| Spread: | Bunds plus 184.3 bps
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| Call features: | Make-whole call at Bunds plus 30 bps until Dec. 7, 2028; three-month par call
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| Change of control: | At 101
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| Trade date: | Feb. 23
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| Settlement date: | March 7
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| Ratings: | Moody’s: Baa2
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| S&P: BBB+
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| Fitch:
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| Distribution: | SEC registered
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| Cusip: | 918204BE7
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