Adidas Signs 500 Million-Euro Revolving Credit to Refinance
Bloomberg - Jun 27th 2012, 14:08
Adidas AG (ADS), the worldâ€™s second- biggest sporting-goods maker, said it signed a 500 million-euro ($625 million) credit line to refinance.
The five-year revolving credit can be extended by as many as two years and will replace the Herzogenaurach, Germany-based companyâ€™s 2 billion-euro facility signed in October 2005 that expires this year, according to a statement today.
Adidas agreed to pay interest of 40 basis points more than the euro interbank offered rate and a 14 basis-point commitment fee for the financing coordinated by Bayerische Landesbank, HSBC Holdings Plc and Mizuho Financial Group Inc. the company said. A basis point is 0.01 percentage point.
â€śThroughout the last few years, we have continuously strengthened our capital structure and diversified our financing,â€ť said Robin Stalker, chief financial officer of Adidas. â€śThe ongoing strength of our cash flow generation allows us to reduce the size of the new revolving credit facility.â€ť
Citigroup Inc., Deutsche Bank AG, Standard Chartered Plc, Bank of Tokyo-Mitsubishi UFJ Ltd., JPMorgan Chase & Co., Bank of America Corp. and UniCredit SpA joined the deal as bookrunners, according to the statement.
Adidas said on June 21 it expects record soccer-related sales of more than 1.6 billion euros this year, boosted by the European Championship tournament in Ukraine and Poland.
Adidas sets sales goal in World Cup year
19/06/2013 - 09:14
Herzogenaurach, Germany - German sportswear maker Adidas AG forecast record sales for its soccer business in 2014, aiming to retain market leadership in the sport ahead of US rival Nike Inc in a soccer World Cup year.
What the world thinks of South Africa
04/06/2013 - 08:39
A BBC World Service 2013 Country Ratings poll has revealed that global sentiment towards South Africa remains positive, overall, but only just.
Germany narrowly scrapes by recession
16/05/2013 - 10:04
Frankfurt -The German economy, Europe's biggest, got off to an unexpectedly weak start to the year, as it battled freezing winter weather, sagging exports and weak investment, official data showed on Wednesday.
Germany to invest more in Africa
30/04/2013 - 08:37
Pretoria - Germany is to increase its economic investment in South Africa and other African states, Foreign Affairs Minister Guido Westerwelle said in Pretoria on Monday.
Germany key to Europe's flagging spirits volumes
30/04/2013 - 08:12
Not only is Germany forming a last line of defence against the euroâ€™s implosion, the land of steins and beer kellers also offers fertile ground to distillers foraging for sales in Western Europeâ€™s withered landscape.