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.
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