PVH Corp. affirmed its existing fourth-quarter and full-year guidance for sales and profits as it sought to amend its credit facility in order to redeem $600 million in senior notes due in 2020.
PVH said it is seeking to amend the credit facility in which it entered last February, as it completed its acquisition of Warnaco Group, and realize at least $600 million in cash proceeds by doing so. The funds, along with cash on hand, would be used to redeem the senior notes, which carry interest of 7.375 percent. PVH hopes to close on the transaction by the end of March and lower its interest expense for fiscal 2014 and beyond.
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