PVH Corp. – Form 8-K Summary (April 4, 2025)

Subject: Entry into a Material Credit Agreement – Delayed-Draw Term Loan Facility

Agreement Details:

Date: April 4, 2025 (Closing Date)

Company: PVH Corp.

Administrative Agent: Barclays Bank PLC

Lenders: Various financial institutions

Facility Amount: $250 million senior unsecured delayed-draw term loan facility

Status: Undrawn as of the Closing Date

Key Terms:

Availability Period: Up to 4 borrowings before February 4, 2026, each with a minimum draw of $50 million

Maturity Date: April 3, 2026

Use of Proceeds: For general corporate purposes and working capital

Amortization: None – bullet maturity

Prepayment: Allowed at any time without penalty (except standard breakage costs)

Interest Rates:

SOFR-based loans: Term SOFR + 1.125%

Base rate loans: Base rate + 0.125%

Commitment fee: Begins 91 days post-closing at 0.125% on undrawn amounts

Adjustments:

Interest margins and fees may adjust based on PVH’s net leverage ratio and/or public debt ratings after financial disclosures are submitted post-closing quarter.

Covenants & Defaults:

Covenants include: Maintaining certain leverage ratios and other standard financial metrics

Events of Default include:

Non-payment

Breach of representations, covenants

Bankruptcy or insolvency

Cross-defaults to other significant debt

Adverse judgments

ERISA-related violations

Change of control