Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, Kontoor Brands, Inc. (the "Company") and its
wholly-owned subsidiary, Lee Wrangler International Sagl, are party to a Credit
Agreement dated as of May 17, 2019 (the "Credit Agreement"). The Credit
Agreement provides the Company with, among other things, a $500.0 million
revolving credit facility (the "Revolving Credit Facility"). A copy of the
Credit Agreement was filed as Exhibit 10.6 to the Company's Current Report on
Form 8-K filed with the Securities and Exchange Commission on May 23, 2019.
On March 25, 2020, the Company borrowed a principal amount of $375.0 million
under the Revolving Credit Facility. As a result of this borrowing, other
borrowings to date and $1.3 million of outstanding standby letters of credit
issued on behalf of the Company, there is approximately $23.7 million available
for borrowing against the Revolving Credit Facility.
Item 7.01. Regulation FD Disclosure.
On March 26, 2020, the Company issued a press release announcing, among other
things, the $475.0 million draw down of the Revolving Credit Facility to date
and the withdrawal of the Company's 2020 guidance provided on March 5, 2020. The
Company is not providing an updated outlook at this time. A copy of the press
release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press release issued by Kontoor Brands, Inc., dated March 26, 2020.
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