Every material Form 8-K Tapestry filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Tapestry closed a $1.5 billion offering of senior unsecured notes on December 11, 2024, split evenly between $750 million of 5.100% notes due 2030 and $750 million of 5.500% notes due 2035. The company plans to use the proceeds, with cash on hand, to repay term loan and revolving credit borrowings that funded its accelerated share repurchases, and for general corporate purposes. The filing does not state Tapestry's total debt after the offering, and the indenture limits certain liens, sale and leaseback transactions, and mergers or asset sales.
$750 million of 5.100% senior unsecured notes due 2030 and $750 million of 5.500% senior unsecured notes due 2035 were issued on December 11, 2024
Interest is payable semi-annually on March 11 and September 11, beginning September 11, 2025
Proceeds plus cash on hand will repay term loan and revolving credit borrowings that funded accelerated share repurchases
The indenture with U.S. Bank Trust Company, National Association, as trustee, limits certain liens, sale and leaseback transactions, and mergers or asset sales
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.
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.
Tapestry and Capri Holdings terminated their merger agreement under a Termination Agreement dated November 13, 2024, with no break fee according to the press release. Tapestry will reimburse Capri's expenses of $45,088,675 and redeem the senior notes issued to fund the deal, which the company says total $6.1 billion, at 101% of principal, and expects to record about $57.1 million in unamortized costs and a $61.1 million redemption premium in its second fiscal quarter of 2024. The board also authorized a new $2.0 billion share repurchase program, on top of $800 million remaining from a May 2022 authorization.
Merger agreement terminated effective immediately under a Termination Agreement dated November 13, 2024.
Tapestry to reimburse Capri expenses of $45,088,675 in cash on November 14, 2024.
Notes to be redeemed at 101% of principal on or about November 25, 2024, with about $57.1 million unamortized costs and a $61.1 million premium recognized in fiscal Q2 2024.
Board authorized a new $2.0 billion buyback; the fiscal 2025 outlook was reaffirmed and the annual dividend rate of $1.40 per share is expected to be maintained.
Tapestry reported fiscal first-quarter 2025 revenue of $1.51 billion, roughly flat year over year. Reported diluted EPS fell to $0.79 from $0.84, while non-GAAP diluted EPS rose to $1.02 from $0.93, after $0.23 per share of acquisition-related costs. The company raised its fiscal 2025 non-GAAP EPS outlook to $4.50 to $4.55 from $4.45 to $4.50.
Net sales were $1.51 billion, approximately flat versus the prior year on both reported and constant currency bases; Coach sales rose 1%.
Reported net income was $187 million, or $0.79 per diluted share, versus $195 million, or $0.84, a year earlier.
Non-GAAP diluted EPS was $1.02 versus $0.93; acquisition costs, mainly financing and professional fees tied to the proposed Capri Holdings acquisition, reduced EPS by $0.23.
Fiscal 2025 non-GAAP EPS guidance is $4.50 to $4.55; the quarterly dividend is $0.35 per share, payable December 23, 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.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Tapestry filing is on SEC EDGAR ↗. 8-K briefs of other companies →