Davis Polk Advises VF Corporation on Its €1 Billion Senior Notes Offering, including €500 Million “Green Bond” Offering, with Concurrent Cash Tender Offer

Davis Polk advised VF Corporation in connection with an SEC-registered debt shelf takedown of €500 million aggregate principal amount of its 0.250% senior notes due 2028 (the “2028 notes”) and €500 million aggregate principal amount of its 0.625% senior notes due 2032 (the “2032 notes”). The proceeds of the offering of the 2032 notes are to be used to redeem all of its 3.5% senior notes due 2021 and to fund a concurrent cash tender offer to purchase any and all of its outstanding 6% senior notes due 2033 and any and all of its 6.450% senior notes due 2037, with any remaining proceeds to be used for general corporate purposes. An amount equivalent to the net proceeds of the offering of the 2028 notes is to be used to finance, in whole or in part, certain eligible projects designed to contribute to selected sustainable development goals. 

Based in Denver, Colorado, VF is a global leader in the design, production, procurement, marketing and distribution of branded lifestyle apparel, footwear and related products. VF owns a broad portfolio of brands in the outerwear, footwear, backpack, luggage, accessory, sportswear, occupational and performance apparel categories. VF’s largest brands are Vans, The North Face and Timberland.

The Davis Polk capital markets team included partner Deanna L. Kirkpatrick, counsel Jeffrey S. Ramsay and associates Roshni Banker Cariello, David D. Kim and Dennis Chu. Partner Mario J. Verdolini and associate Adam R. Brownstone provided tax advice. Associate Matthew R. Silver provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.