NEW YORK, Apr 23, 2010 (BUSINESS WIRE) --Phillips-Van Heusen Corporation (NYSE: PVH) today announced the pricing of its public offering of $600 million of 7⅜% Senior Notes due 2020. The unsecured notes will mature on May 15, 2020.
The Company will use the net proceeds of the offering of the notes, after deducting underwriting discounts and commissions and offering expenses, to purchase, pursuant to its tender offers and consent solicitations for each series of notes commenced on April 7, 2010, or redeem its $150.0 million outstanding principal amount of 7¼% Senior Notes due 2011 and its $150.0 million outstanding principal amount of 8⅛% Senior Notes due 2013, as well as to fund a portion of the purchase price for its proposed acquisition of Tommy Hilfiger B.V. and certain affiliated companies, including related fees and expenses. The offering of the notes is contingent upon consummation of the Company's acquisition of Tommy Hilfiger and will not be completed if the Company does not consummate the acquisition.
Barclays Capital and Deutsche Bank Securities are joint book-running managers and global coordinators for the notes offering. BofA Merrill Lynch, Credit Suisse and RBC Capital Markets are also joint book-running managers for the notes offering. A prospectus concerning the notes offering may be obtained from Barclays Capital by calling 1 (888) 603-5847 or by writing to Barclays Capital Inc., c/o Broadridge, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717 or email Barclaysprospectus@broadridge.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any notes in any state in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities law of any such state. Any offering will be made only by means of a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Phillips-Van Heusen Corporation is one of the world's largest apparel companies. It owns and markets the Calvin Klein brand worldwide. It is the world's largest shirt and neckwear company and markets a variety of goods under its own brands, Van Heusen, Calvin Klein, IZOD, ARROW, Bass and G.H. Bass & Co., and its licensed brands, including Tommy Hilfiger, Geoffrey Beene, Kenneth Cole New York, Kenneth Cole Reaction, MICHAEL Michael Kors, Sean John, Chaps, Donald J. Trump Signature Collection, JOE Joseph Abboud, DKNY and Timberland.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Forward-looking statements made in this document, including, without limitation, statements relating to the Company's future plans, strategies, objectives, expectations and intentions, including, without limitation, statements relating to the Company's proposed acquisition of Tommy Hilfiger B.V. and certain affiliated companies (collectively, "Tommy Hilfiger"), are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy, and some of which might not be anticipated, including, without limitation, the following: (i) the Company's plans, strategies, objectives, expectations and intentions are subject to change at any time at the discretion of the Company; (ii) the Company's proposed acquisition of Tommy Hilfiger is subject to conditions, which may not be satisfied, in which event the transaction may not close; (iii) in connection with the proposed acquisition of Tommy Hilfiger, the Company intends to borrow significant amounts and will have to use a significant portion of its cash flows to service such indebtedness, as a result of which the Company might not have sufficient funds to operate its businesses in the manner it intends or has operated in the past; (iv) acquisitions and issues arising with acquisitions and proposed transactions, including without limitation, the ability to integrate an acquired entity, such as Tommy Hilfiger, into the Company with no substantial adverse affect on the acquired entity's or the Company's existing operations, employee relationships, vendor relationships, customer relationships or financial performance; and (v) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission.
The Company does not undertake any obligation to update publicly any forward-looking statement, whether as a result of the receipt of new information, future events or otherwise.
SOURCE: Phillips-Van Heusen Corporation
Phillips-Van Heusen Corporation
Michael Shaffer, 212-381-3523
Executive Vice President and Chief Financial Officer
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