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PVH Corp. Closes Senior Notes Offering

  PVH Corp. Closes Senior Notes Offering

Business Wire

NEW YORK -- December 20, 2012

PVH Corp. [NYSE: PVH] today announced the closing of its previously announced
public offering of $700 million of 4.500% Senior Notes due 2022. The senior
unsecured notes will mature on December 15, 2022. The Company will use the net
proceeds of the notes offering (together with cash on hand and expected
borrowings under a new senior secured credit facility) to fund a portion of
the cash consideration to be paid to stockholders of The Warnaco Group, Inc.
in connection with the Company’s pending acquisition of Warnaco, to refinance
a portion of the Company’s and Warnaco’s existing indebtedness, and to pay
related fees and expenses. If the acquisition is not completed by August 20,
2013 or if PVH terminates the merger agreement or otherwise abandons the
transaction prior to such date, then PVH is required to redeem the notes
within 10 days at 100% of the principal amount plus interest to but not
including the redemption date.

About PVH Corp.

PVH Corp., one of the world’s largest apparel companies, owns and markets the
iconic Calvin Klein and Tommy Hilfiger brands worldwide. It is the world’s
largest shirt and neckwear company and markets a variety of goods under its
own brands, Van Heusen, Calvin Klein, Tommy Hilfiger, IZOD, ARROW, Bass and
G.H. Bass & Co., and its licensed brands, including Geoffrey Beene, Kenneth
Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps,
Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY, Ike Behar and
John Varvatos.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995: Forward-looking statements made in this press release, including,
without limitation, statements relating to the Company’s future plans,
strategies, objectives, expectations and intentions, including, without
limitation, statements relating to the Company’s pending acquisition of
Warnaco are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that such
forward-looking statements are inherently subject to risks and uncertainties,
many of which cannot be predicted with accuracy, and some of which might not
be anticipated, including, without limitation, the following: (i) the
Company’s plans, strategies, objectives, expectations and intentions are
subject to change at any time at the discretion of the Company; (ii) the
senior notes offering that is the subject of this press release was undertaken
in connection with the pending acquisition of Warnaco, and the Company has
intends to borrow additional significant amounts to complete the acquisition,
which will require the Company to use a significant portion of its cash flows
to service such indebtedness, as a result of which the Company might not have
sufficient funds to operate its businesses in the manner it intends or has
operated in the past; (iii) acquisitions and issues arising with acquisitions
and proposed transactions, including without limitation, the ability to
integrate an acquired entity, such as Warnaco, into the Company with no
substantial adverse effect on the acquired entity’s or the Company’s existing
operations, employee relationships, vendor relationships, customer
relationships or financial performance; and (iv) other risks and uncertainties
indicated from time to time in the Company’s filings with the Securities and
Exchange Commission.

The Company does not undertake any obligation to update publicly any
forward-looking statement, whether as a result of the receipt of new
information, future events or otherwise.

Contact:

PVH Corp.
Dana Perlman, 212-381-3502
Treasurer and Senior Vice President, Business Development and Investor
Relations
InvestorRelations@pvh.com
 
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