S&P rates PVH facility BBB-

S&P said it assigned its BBB- issue-level rating to PVH Corp.'s $1.2 billion revolving credit facility, comprised of a $1.15 billion multicurrency facility and a $50 million revolving facility to the Hong Kong borrower, and €440.625 million term loan A facility.

S&P affirmed PVH’s BBB- ratings on June 14, 2021.

The company also upsized the revolver by $200 million that replaces the former $275 million 364-day revolving credit facility, which PVH did not renew. PVH also extended the maturities of both the revolver and term loan to December 2027 from April 2024. The borrowers of the debt are PVH Corp., PVH BV, PVH Brands Australia Pty Ltd. and PVH Asia Ltd. The revolver and term loan are unsecured and will not be guaranteed by any of the company's subsidiaries.

The agreements also contain an environmental, social, and governance pricing option, which requires the lenders' consent on key performance indicators and testing, though it has not yet agreed to the specifics with its lenders, but an agreement is expected soon.

The outlook is stable

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