...February 23, 2023 NEW YORK (S&P Global Ratings) Feb. 23, 2023--S&P Global Ratings today assigned its '###+' issue-level rating to U.S.-based apparel, footwear and accessories company VF Corp.'s proposed 1 billion senior unsecured eurobond offering. The issuance will be split into two 500 million tranches with three-year and six-year maturities. The company plans to use proceeds for debt repayment, general corporate purposes, and eligible projects that align with the United Nations' sustainable development goals under VF's existing green bond framework. VF is using the euro market because interest rates are more favorable than in the U.S. commercial paper market. We also believe the issuance is pre-funding repayment the company's 0.625% 850 million senior unsecured notes that mature in Sept. 2023. In addition, the company closed an amendment to each of its revolving credit facility and term loan financial covenant. The amended net debt to net capital covenant extends the 0.7x threshold until...
