Last updated: February 6, 2024 at 8:40 a.m. ET
First published: February 6, 2024 at 8:20 a.m. ET
Amer Sports Inc., the Finnish sportswear company that went public last week, launched a $600 million offering of seven-year high-yield bonds on Tuesday.
Helsinki-based AS and some of its entities have also entered into a new credit agreement, which provides them with a new term credit facility of US$600 million, a new term credit facility of EUR 00 million and a new revolving credit facility of initially $710 million provides.
Proceeds…
Amer Sports Inc., the Finnish sportswear company that went public last week, launched a $600 million offering of seven-year high-yield bonds on Tuesday.
The Helsinki based company
AS
Some of its entities have also entered into a new credit agreement providing them with a new term credit facility of US$600 million, a new term credit facility of EUR100 million and a new revolving credit facility initially of US$710 million.
The proceeds from the bond business and the proceeds from the new loan agreements are earmarked for the repayment of existing credit facilities.
The news surprised investors just days after Amer Sports debuted on the New York Stock Exchange in a deal priced below the proposed price range of $13 per share but ended its first day of trading up 3%.
The stock closed at $14.60 on Monday.
With 105 million shares in the IPO, Amer Sports raised about $1.37 billion from 21 underwriters, including Goldman Sachs, BofA Securities, JPMorgan and Morgan Stanley.
Amer Sports owns the outdoor brands Arc'teryx, Salomon and Wilson and operated 261 stores worldwide as of September 30.
S&P Global Ratings assigned the loan a BB rating, which falls two notches into speculative-grade or high-yield status.
The company reported 2022 revenue of $3.55 billion, up from $2.4 billion in 2020, with a compound annual growth rate of 20.4%. Net loss increased from $237.2 million to $252.7 million over the same period.
Amer Sports' major shareholders include FountainVest Partners, Anta Sports Product Ltd., Tencent Holdings Ltd. and Anamered Investments Inc., a company tied to billionaire Dennis J. “Chip” Wilson, the founder of Lululemon Athletica Inc.
LULU
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Additional reporting by Steve Gelsi
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