** Handbag maker Tapestry's shares rise 3% to $58.10 premarket
** Co announces Accelerated Share Repurchase $(ASR)$ agreements with Bank of America and Morgan Stanley
** TPR plans to repurchase $2 bln worth of common stock
** ASR is part of co’s recently expanded $2.8 bln share repurchase authorization
** TPR expects to return over 100% of its free cash flow to shareholders in fiscal 2025 through dividends and share repurchases
** Co aims to fund repurchases with $750 mln of borrowings under new term loan credit agreement, $1 bln of borrowings under revolving credit facility and $250 mln in cash on hand
** ASR agreements expected to settle by Q1 of fiscal 2026, ending September 27, 2025 - co
** As of last close, stock up ~53% YTD
(Reporting by Ragini Mathur)
((Ragini.Mathur@thomsonreuters.com;))
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