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AI brief of an SEC Form 8-K · Tapestry (TPR)

Tapestry enters $2.0 billion share buyback funded partly by $750 million term loan

Neutral Impact 4 of 5 shareholder Written later

On November 21, 2024, Tapestry entered accelerated share repurchase agreements with Bank of America and Morgan Stanley to buy back up to $2.0 billion of its common stock. The company is funding the buyback with a new $750.0 million term loan, about $1.0 billion of revolving credit facility borrowings, and cash on hand, so the deal increases its debt. Final share count will depend on volume-weighted average prices during the ASR terms, with settlement no later than September 27, 2025.

Key points

  • Up to $2.0 billion of common stock to be repurchased under ASR agreements with Bank of America, N.A. and Morgan Stanley & Co. LLC.
  • Initial delivery of 28,363,766 shares expected on November 26, 2024, with a $2.0 billion payment to the dealers the same day.
  • New $750.0 million senior unsecured term loan matures six months after funding and bears interest at term SOFR plus 1.125%.
  • $800.0 million remains available under the share repurchase program authorized in May 2022; final settlement due no later than September 27, 2025.

The filing

CompanyTapestry (TPR)
Form8-K, current report
Filed with the SECNov 22, 2024, 7:00 AM ET
Accession number0001140361-24-047569

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:10 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on November 22, 2024.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.