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VF CORPORATION

(VFC)
  Report
Delayed Nyse  -  04:00 2022-09-27 pm EDT
35.07 USD   +0.14%
09/16JPMorgan Lowers VF's Price Target to $44 From $47, Maintains Neutral Rating
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V F CORP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

08/11/2022 | 04:36pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On August 11, 2022, V.F. Corporation (the "Company") entered into a delayed draw Term Loan Agreement (the "DDTL Agreement") with the lenders named therein (the "Lenders"), JPMorgan Chase Bank, N.A., as Administrative Agent ("Agent"), Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A, PNC Bank National Association, TD Securities (USA) LLC, Truist Securities, Inc. and U.S. Bank National Association, as Joint Lead Arrangers and Joint Bookrunners, Wells Fargo Bank, National Association, as Syndication Agent, and PNC Bank National Association, TD Bank, N.A., Truist Bank and U.S. Bank National Association, as Documentation Agents.

Under the DDTL Agreement, the Lenders have agreed to provide up to three separate delayed draw term loans (each, a "Delayed Draw") to the Company in an aggregate principal amount of up to $1.0 billion (which may be increased to $1.1 billion subject to the terms and conditions of the DDTL Agreement). The DDTL Agreement has a stated termination date of the earlier of December 30, 2024 and the two year anniversary of the latest Delayed Draw under the DDTL Agreement.

Subject to the terms and conditions of the DDTL Agreement, the Company may request extensions of the stated termination date. Any commitments of the Lenders to provide Delayed Draws ("DDTL Commitments") that remain undrawn will automatically terminate on December 30, 2022 (the "DDTL Commitment Termination Date"). Interest on the borrowings under the DDTL Agreement will be at the applicable base rate or at Term SOFR, plus a credit spread adjustment, plus a margin. The margin ranges from 0.70% to 0.875% per annum based on the Company's credit ratings. A ticking fee of 0.07% per annum on the undrawn DDTL Commitments accrues during the period from and including the date that is 91 days after August 11, 2022 to but excluding the DDTL Commitment Termination Date. The Company is permitted at any time to terminate unused DDTL Commitments and to prepay outstanding Delayed Draws without premium or penalty.

Borrowings under the DDTL Agreement may be used by the Company for general working capital needs and other lawful corporate purposes, including tax payments, capital expenditures and other transactions. The terms of the DDTL 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 DDTL Agreement, and certain defaults on other indebtedness, the Agent may terminate the obligation of the Lenders under the DDTL Agreement to make additional Delayed Draws and declare any outstanding obligations under the DDTL 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 additional Delayed Draws shall automatically terminate and any outstanding obligations under the DDTL Agreement shall immediately become due and payable.

Some of the Lenders under the DDTL Agreement, or their affiliates, have in the past or may in the future provide certain commercial and investment banking, cash management, foreign exchange, derivative, financial advisory and/or other services in the ordinary course of business for the Company and its subsidiaries, for which they received or will receive customary fees and commissions. The foregoing description of the DDTL Agreement does not purport to be a complete statement of the parties' rights and obligations under the DDTL Agreement and the transactions contemplated by the DDTL Agreement. The foregoing description of the DDTL Agreement is qualified in its entirety by reference to the DDTL Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-balance Sheet Arrangement

The information set forth under Item 1.01 of this Current Report on Form 8-K related to the DDTL Agreement is incorporated by reference in this Item 2.03.

Item 9.01 Financial Statements and Exhibits.



(d) Exhibits



Exhibit No.        Description

     10.1            Term Loan Agreement by and among V.F. Corporation, as borrower, the
                   lenders named therein, JPMorgan Chase Bank, N.A., as Administrative
                   Agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A, PNC Bank
                   National Association, TD Securities (USA) LLC, Truist Securities, Inc.
                   and U.S. Bank National Association, as Joint Lead Arrangers and Joint
                   Bookrunners, Wells Fargo Bank, National Association, as Syndication
                   Agent, and PNC Bank National Association, TD Bank, N.A., Truist Bank
                   and U.S. Bank National Association, as Documentation Agents, dated
                   August 11, 2022.
        104        Cover Page Interactive Data File (embedded within the Inline XBRL
                   document).

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2023 12 124 M - -
Net income 2023 1 099 M - -
Net Debt 2023 4 692 M - -
P/E ratio 2023 12,5x
Yield 2023 5,74%
Capitalization 13 625 M 13 625 M -
EV / Sales 2023 1,51x
EV / Sales 2024 1,42x
Nbr of Employees 27 650
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 35,07 $
Average target price 51,24 $
Spread / Average Target 46,1%
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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
Juliana L. Chugg Independent Director
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