(Filed Under Financial and General Interest News). PVH Corp. announced today it completed its acquisition of The Warnaco Group, Inc., creating a apparel company with more than $8 billion in sales, and combining intimates brands including Calvin Klein, Warners, Olga, with all those apparel and footwear brands already in the PVH stable including Tommy Hilfiger, Van Heusen, Izod, Arrow and Bass.
In a note posted on its corporate web site, Emanuel Chirico, chairman and CEO of PVH, declared, “We are happy to announce the completion of the Warnaco transaction. This combination reunites The House of Calvin Klein and enables us to leverage Warnaco’s established operations in Asia and Latin America along with our strong operations in North America and Europe to fuel our growth strategies for the Calvin Klein brand.”
“This transaction has delivered a significant premium to our stockholders and offers them, our businesses, our business partners, and our associates the opportunity to realize additional benefits from the compelling synergies and prospects of the combined company,” said Helen McCluskey, the former president and CEO of Warnaco, who is joining PVH’s board. “I look forward to my new role in seeing PVH and its businesses develop.”
PVH also reported that “it has closed on its previously announced new senior secured credit facilities. The facilities consist of U.S. dollar-dominated term loans in an aggregate amount of $3.075 billion, a portion of which matures in 2018 and a portion of which matures in 2020; and a $750 million revolving credit facility that matures in 2018, which was undrawn at closing.”
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