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Annual report pursuant to Section 13 and 15(d)

SUBߣվQUENT EVENTS

v3.20.1
SUBߣվQUENT EVENTS
 12 Months Ended
Mar. 28, 2020
Subsequent Events [Abstract]
SUBߣվQUENT EVENTS SUBߣվQUENT EVENTS

On May12, 2020, VF’s Board of Directors declared a quarterly cash dividend of $0.48 per share, payable on June22, 2020 to shareholders of record on June10, 2020. The Board of Directors also granted approximately 1,600,000 stock options, 300,000 nonperformance-based RSUs and 50,000 shares of restricted VF Common Stock at market value.
Revolving Credit Facility
In response to the unknown duration and overall impact of the global COVID-19 outbreak, to enhance VF's financial flexibility and liquidity, on April 9, 2020, VF elected to draw down $1.0 billion available from its $2.25 billion Global Credit Facility that expires in December 2023.
On April20, 2020, VF entered into Amendment No.1 to its Global Credit Facility that expires December 2023 (the “Amendment”). The Amendment provides for (i)an increase in VF’s consolidated indebtedness to consolidated capitalization ratio financial covenant to 0.70 to 1.00 (from 0.60 to 1.00) from the Amendment Effective Date through the last day of the fiscal quarter ending March31, 2022, (ii) calculation of consolidated indebtedness (and, thereby consolidated capitalization) net of unrestricted cash of VF and its subsidiaries and (iii)testing of such financial covenant solely as of the last day of each fiscal quarter during such period. In addition, the Amendment requires VF and its subsidiaries to maintain minimum liquidity in the form of unrestricted cash and unused financing commitments of not less than $750.0 million at all times during such period.
Senior Notes Issuance
On April 23, 2020, VF issued senior unsecured notes, as outlined in the table below:
(Dollars in thousands)
Scheduled Maturity
Aggregate Principal
Interest Rate
Interest Payments
Senior Notes due April 23, 2022
$
1,000,000

2.050
%
Semiannually
Senior Notes due April 23, 2025
750,000

2.400
%
Semiannually
Senior Notes due April 23, 2027
500,000

2.800
%
Semiannually
Senior Notes due April 23, 2030
750,000

2.950
%
Semiannually
Total Issuance
$
3,000,000


The net proceeds received by VF, after deducting the underwriting discount and estimated offering expenses payable by VF, were approximately $2.98 billion. VF used a portion of the net proceeds from this offering to repay borrowings under its Global Credit Facility and intends to use the remaining net proceeds for general corporate purposes.