NEW YORK — Phillips-Van Heusen Corp. on Monday narrowed its estimates for fiscal year 2003, as well as updated its cash-flow guidance.

In addition, Phillips-Van Heusen commenced a new $150 million senior note offering, due in 2011. The company said proceeds from the note offering will be used to purchase the $150 million outstanding principal amount of its 9.5 percent senior subordinated notes due 2008, which is subject to a cash tender offer that is set to close on Feb. 26. The company announced the tender offer for the notes maturing in 2008 on Jan. 29.

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