PVH CORP. /DE/ 8-K

What Happened

• PVH Corp. announced it entered into a Credit Agreement on June 24, 2026 with Bank of America, N.A. as administrative agent. The agreement includes a €400,000,000 euro-denominated Term Loan A (Euro TLA) and a US$1,500,000,000 multicurrency Revolving Credit Facility. PVH B.V. (a wholly owned Dutch subsidiary) is the borrower of the Euro TLA; PVH Corp. and PVH B.V. are borrowers under the Revolving Facility.
• On the closing date the Euro Borrower drew €400,000,000 under the Euro TLA. Proceeds were used to repay in full and terminate the company’s prior credit agreement dated December 9, 2022.

Key Details

• Facility sizes: €400,000,000 Term Loan A and $1,500,000,000 multicurrency revolving credit line (available in USD, EUR, CAD, JPY, GBP, CHF and other agreed currencies).
• Maturity: June 24, 2031. Euro TLA requires quarterly principal repayments starting with the quarter ending Sept. 30, 2026 equal to 2.50% per annum of the original principal (balance due at maturity).
• Pricing: initial margins generally 1.00% for term SOFR/EURIBOR/term CORRA/SONIA/SARON/ESTR loans (0% over base/prime rates); Euro TLA initial margin 1.125%. Margins may adjust after delivery of 2Q/FY2027 financials based on net leverage and/or public debt rating.
• Other features: obligations of the Euro Borrower are guaranteed by PVH Corp.; borrowings are prepayable without penalty aside from customary breakage costs; facility supports letters of credit and swingline loans; the company may add or increase term/revolving commitments up to an additional $1.5B subject to lender consent.

Why It Matters

• The new credit agreement provides PVH with committed liquidity (term financing plus a large revolving line) and replaces the prior credit facility, reducing refinancing risk through June 2031.
• Interest costs will vary with market rates and the company’s leverage/rating (margins can increase or decrease after the August 2027 financial covenant review), so borrowing costs could change over time.
• The agreement includes customary covenants and a maximum net leverage ratio and contains standard events of default — important constraints for investors monitoring PVH’s financial flexibility and credit profile.