V.F. Corporation Enters into a Five-Year Revolving Credit Agreement
Apr 15 15
On April 14, 2015, V.F. Corporation (the Company) and certain of its subsidiaries, as borrowers, entered into a Five-Year Revolving Credit Agreement (the Credit Agreement) with the lenders named therein (the Lenders), JPMorgan Chase Bank, N.A., as Administrative Agent (Agent), J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, HSBC Securities (USA) Inc. and U.S. Bank National Association, as Joint-Lead Arrangers and Joint Bookrunners, Bank of America, N.A., Wells Fargo Bank, N.A., HSBC Bank USA, National Association and U.S. Bank National Association, as Co-Syndication Agents, and Barclays Bank PLC, Citibank, N.A., ING Bank N.V., Dublin Branch, and PNC Bank National Association, as Co-Documentation Agents. The Credit Agreement has a stated termination date of April 14, 2020. Subject to the terms and conditions of the Credit Agreement, the Company may request two extensions of the stated termination date for additional periods of one year each. Under the Credit Agreement, the Lenders have agreed to provide advances in an aggregate principal amount of up to $1.75 billion. Interest on the borrowings under the Credit Agreement will be at the applicable base rate or at LIBOR, plus an applicable margin and facility fees are also payable. Borrowings under the Credit Agreement may be used for general corporate purposes of the Company, including, without limitation, acquisitions, repurchases of outstanding shares of the Company’s common stock and other lawful corporate purposes. In connection with the Credit Agreement entered into on April 14, 2015, the Company’s Five-Year Revolving Credit Agreement dated December 8, 2011 (the Old Credit Agreement) was terminated on April 14, 2015. The Old Credit Agreement was by and among the Company and certain of its subsidiaries, as borrowers, JPMorgan Chase Bank, N.A., as administrative agent and J.P. Morgan Europe Limited, as London Agent, J.P. Morgan Securities LLC, Merrill Lynch Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as Joint-Lead Arrangers and Joint Bookrunners, Bank of America, N.A., as Syndication Agent, and Wells Fargo Bank, N.A., as Documentation Agent. Under the Old Credit Agreement, which was scheduled to terminate on December 8, 2016, the lenders agreed to provide advances in an aggregate principal amount of up to $1.25 billion; all of the other terms and conditions were substantially similar to the Credit Agreement entered into on April 14, 2015.
FibeRio Technology Corporation and VF Corporation Announce Strategic Partnership to Lead the Apparel and Footwear Markets in Nanofiber Technology
Apr 8 15
FibeRio Technology Corporation announced a strategic partnership with VF Corporation to develop and commercialize next-generation, performance apparel fabrics leveraging FibeRio’s proprietary nanotechnology. The partnership centers on FibeRio’s Forcespinning® technology platform and its ability to produce unique nanofiber material in high volumes. VF intends to incorporate FibeRio’s capabilities and expertise across its three Global Innovation Centers which focus on advancements in performance apparel, footwear and jeanswear.
V.F. Corporation Announces Management Changes
Apr 2 15
V.F. Corporation (VF) has elected Scott A. Roe to the role of Vice President and Chief Financial Officer of VF effective April 1, 2015. Mr. Roe has served as Vice President - Controller and Chief Accounting Officer since February 2013. Mr. Roe has been with VF for 18 years. Robert K. Shearer, who held the role of Senior Vice President and Chief Financial Officer of VF, retired after 28 years of service. The Board has elected Bryan H. McNeill to the role of Vice President and Chief Accounting Officer of VF effective April 1, 2015 to succeed Mr. Roe. Mr. McNeill has served as Controller and Supply Chain Chief Financial Officer - EMEA since May 2010. He has been with VF for 19 years.
V.F. Corporation Announces Opening of Global Jeanswear Innovation Center in Greensboro
Mar 9 15
V.F. Corporation has selected Greensboro's Gateway University Research Park, a collaboration between North Carolina A&T State University and The University of North Carolina at Greensboro, as the location for its Global Jeanswear Innovation Center. The VF facility will be the catalyst for new technologies and advancements that will improve all aspects of denim - from fiber, yarn, fabric, finishing and design all the way to the finished product for brands such as Wrangler, Lee, 7 For All Mankind, Nautica and Vans. Gateway University Research Park was designed to facilitate collaborations between researchers and businesses. Through the universities' Joint School of Nanoscience and Nanoengineering, Gateway University Research Park provides access to capabilities for product development, analytical services, materials testing, analysis and evaluation.