Tapestry, Inc. (NYSE: TPR) (the Company), a house of iconic accessories and lifestyle brands consisting of Coach, Kate Spade, and Stuart Weitzman, has announced that it has closed an underwritten public offering of US$4.5 billion of US dollar-denominated senior unsecured notes and €1.5 billion of Euro-denominated senior unsecured notes. Tapestry also entered into a term loan agreement in an aggregate amount of US$1.4 billion and increased availability under its revolving credit facility to US$2 billion. The Company intends to use the net proceeds of the offering and the term loan facilities to pay a portion of the consideration for the previously announced acquisition of Capri, a global fashion luxury group consisting of Versace, Jimmy Choo, and Michael Kors, and to pay related fees and expenses.
Latham & Watkins LLP advised Tapestry on the senior notes offerings with a capital markets team led by Washington, D.C./New York partner Jason Licht and Washington, D.C. partner Christopher Bezeg, with associates Conce Olivera and Thalia Garcia, and on the term loan financing with a banking team led by New York partner Stephanie Teicher, with associates Richard Burks and Joshua Guerra. Latham also represents Tapestry on the M&A transaction.