November 22, 2024 11:54 GMT
CONSUMER CYCLICALS: Tapestry; accelerated buyback
CONSUMER CYCLICALS
(TPR; Baa2 S/BBB Neg)
As it said earlier it is going ahead with a accelerated $2b buyback funded by $750m new term-loan, $1b revolver and $250m cash on hand. We do hope it comes to us for the refi supply.
Reminder filings indicated the call at 101 on the $6.1b in existing bonds (including all in Euro markets) was to be around 25th/Monday.
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