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V.F. CORPORATION

(VFC)
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V F CORP : Entry into a Material Definitive Agreement, Termination of 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)

11/24/2021 | 04:55pm EST

Item 1.01 Entry into a Material Definitive Agreement

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. In connection with the Credit Agreement, the Company's existing Five-Year Revolving Credit Agreement dated December 17, 2018 (the "Old Credit Agreement") was terminated on November 24, 2021. The Old Credit Agreement was by and among the Company and certain of its subsidiaries, as borrowers, JPMorgan Chase Bank, N.A., as administrative agent and JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, 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 Co-Syndication Agents, and Citibank, N.A., ING Bank N.V., Dublin Branch, PNC Bank National Association and TD Bank, N.A., as Co-Documentation Agents. Under the Old Credit Agreement, which was scheduled to terminate on December 17, 2023, the lenders agreed to provide advances in an aggregate principal amount of up to $2.25 billion (which may have been increased to $3.00 billion subject to the terms and conditions of the Old Credit Agreement); all of the other terms and conditions were substantially similar to the Credit Agreement entered into on November 24, 2021. 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. Some of the Lenders under the Credit 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 Credit Agreement does not purport to be a complete statement of the parties' rights and obligations under the Credit Agreement and the transactions contemplated by the Credit Agreement. The foregoing description of the Credit Agreement is qualified in its entirety by reference to the Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement

The information set forth under Item 1.01 of this Current Report on Form 8-K related to the Old Credit Agreement is incorporated by reference in this Item 1.02.

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 Credit Agreement is incorporated by reference in this Item 2.03.

Item 9.01 Financial Statements and Exhibits.




(d) Exhibits



Exhibit No.      Description

    10.1           Five-Year Revolving Credit Agreement by and among V.F. Corporation
                 and VF International Sagl, as borrowers, the lenders named therein,
                 JPMorgan Chase Bank, N.A., as Administrative 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,
                 dated November 24, 2021.
  104            Cover Page Interactive Data File (embedded within the Inline XBRL
                 document).

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2022 11 949 M - -
Net income 2022 1 321 M - -
Net Debt 2022 4 174 M - -
P/E ratio 2022 19,8x
Yield 2022 2,87%
Capitalization 26 124 M 26 124 M -
EV / Sales 2022 2,54x
EV / Sales 2023 2,35x
Nbr of Employees 33 600
Free-Float -
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Technical analysis trends V.F. CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 25
Last Close Price 68,00 $
Average target price 84,69 $
Spread / Average Target 24,5%
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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
W. Alan McCollough Lead Independent Director
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