07:10 AM EST, 11/22/2024 (MT Newswires) -- Tapestry (TPR) said Friday it has signed accelerated share repurchase deals with Bank of America and Morgan Stanley to buyback $2 billion of its common shares.

Under the terms, the company will receive an initial delivery of 28.4 million shares on Tuesday, representing 80% of the ASR deal, Tapestry added.

The final settlements are expected no later than fiscal Q1 2026 ending Sept. 27, 2025, the company said.

Tapestry will finance the buyback with a $750 million new term loan credit agreement, $1 billion of borrowings under its revolving credit facility, and $250 million in cash on hand, it added.

The deal is part of the company's $2.8 billion share repurchase authorization.

Shares of Tapestry were up 2% in recent Friday premarket activity.