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OFFON

V.F. CORPORATION

(VFC)
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V.F. Corporation Enters into a Five-Year Revolving Credit Agreement

11/24/2021 | 04:53pm EST

On November 24, 2021, 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?), JPMorgan Chase Bank, N.A., BofA Securities Inc., Barclays Bank PLC, HSBC Securities (USA) Inc., U.S. Bank National Association and Wells Fargo Securities, LLC, as Joint-Lead Arrangers and Joint Bookrunners, Bank of America, N.A., Barclays Bank PLC, HSBC Bank USA, National Association, U.S. Bank National Association and Wells Fargo Bank, National Association, as Syndication Agents, and ING Bank N.V., Dublin Branch, PNC Bank, N.A., TD Bank, N.A. and Morgan Stanley Bank, N.A., as Documentation Agents. The Credit Agreement has a stated termination date of November 24, 2026. Subject to the terms and conditions of the Credit Agreement, the Company may request 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 $2.25 billion (which may be increased to $3.00 billion subject to the terms and conditions of the Credit Agreement). 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. The Credit Agreement includes provisions for the replacement of LIBOR upon the cessation thereof that are customary for credit facilities of this nature. 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. The terms of the Credit Agreement include representations and warranties, affirmative and negative covenants (including certain financial covenants) and events of default that are customary for credit facilities of this nature. Upon the occurrence, and during the continuance, of an event of default, including but not limited to nonpayment of principal when due, failure to perform or observe certain terms, covenants or agreements under the Credit Agreement, and certain defaults on other indebtedness, the Agent may terminate the obligation of the Lenders under the Credit Agreement to make advances and declare any outstanding obligations under the Credit Agreement immediately due and payable. In addition, in the event of an actual or deemed entry of an order for relief with respect to the Company or any significant subsidiary of the Company under applicable bankruptcy laws, the obligation of each Lender to make advances shall automatically terminate and any outstanding obligations under the Credit Agreement shall immediately become due and payable.


ę S&P Capital IQ 2021
All news about V.F. CORPORATION
01/21Goldman Sachs Adjusts Price Target on VF to $68 From $71, Reiterates Sell Rating
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01/20Williams Capital Downgrades VF to Hold from Buy
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01/20Deutsche Bank Adjusts VF's Price Target to $94 From $95, Maintains Buy Rating
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01/20Wedbush Adjusts VF's Price Target to $69 From $72, Maintains Neutral Rating
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01/18Seaport Global Initiates Coverage on VF With Neutral Rating
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Analyst Recommendations on V.F. CORPORATION
More recommendations
Financials (USD)
Sales 2022 11 953 M - -
Net income 2022 1 321 M - -
Net Debt 2022 4 174 M - -
P/E ratio 2022 19,8x
Yield 2022 2,87%
Capitalization 26 709 M 26 709 M -
EV / Sales 2022 2,58x
EV / Sales 2023 2,39x
Nbr of Employees 33 600
Free-Float -
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Technical analysis trends V.F. CORPORATION
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 68,00 $
Average target price 85,26 $
Spread / Average Target 25,4%
EPS Revisions
Managers and Directors
Steven E. Rendle Executive Chairman, President & CEO
Matt Puckett VP-Global Financial Planning & Analysis
Velia Carboni Executive VP, Chief Technology & Digital Officer
Clarence Otis Independent Director
W. Alan McCollough Lead Independent Director
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