Loan & DebtJun 25, 2026, 08:07 AM
Capri Holdings Amends Credit Facility, Reduces to $1.0B, Extends to 2031
AI Summary
Capri Holdings Limited amended its existing credit agreement, reducing the aggregate commitments under its revolving credit facility from $1.5 billion to $1.0 billion. The maturity of these commitments has been extended to June 24, 2031, establishing a new 2026 Revolving Credit Facility. This facility is secured by substantially all of the company's assets and registered intellectual property, and includes a net leverage ratio covenant of no greater than 4.0 to 1, with provisions for temporary increases during material acquisitions.
Key Highlights
- Revolving credit facility reduced from $1.5 billion to $1.0 billion.
- Maturity of commitments extended to June 24, 2031.
- Includes sub-facilities for letters of credit up to $125 million.
- Includes sub-facilities for swing line loans up to $100 million.
- Unused commitment fee ranges from 10.0 to 20.0 basis points per annum.
- Net leverage ratio covenant of no greater than 4.0 to 1.
- Covenant can increase to 4.5 to 1 for up to two material acquisitions.
Price Impact
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