- New Era Cap has raised $775 million worth of debt and may be exploring an IPO, Bloomberg reported.
- “I can well imagine running a listed company,” CEO Christopher Koch told the magazine.
- New Era is best known as the officially licensed milliner for the MLB and NFL.
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New Era Cap has raised $775 million in debt, according to a new report, despite rumors it may be exploring an IPO.
The Hatter is best known for his officially licensed partnerships with the MLB and NFL, but has also signed deals with luxury names like YSL and Fear of God. According to Bloomberg, the company has secured a $525 million loan and another $250 million revolving credit facility.
Bank of America managed New Era’s refinancing effort, with JPMorgan, Citigroup and North Carolina-based Truist Financial serving as co-leaders, the outlet added.
The family-owned company’s CEO, Christopher H. Koch, declined to comment on whether New Era is exploring an IPO, but said he found the prospect of leading a public company attractive.
“I have a lot of petrol in the tank. I can see myself running a public company,” he said.
Reuters reported Thursday, citing unnamed sources, that New Era had begun preparations for an IPO that would be valued at between $4 billion and $5 billion.
New Era did not immediately respond to Insider’s request for comment, which was made outside of normal business hours.
News of the headgear maker’s potential IPO comes the same week that an updated filing from SoftBank-owned Arms says the chip designer is finally looking to make its IPO debut later this month.
Meanwhile, Bloomberg reported Wednesday that Wilson tennis racket maker Amer is targeting an IPO in early 2024 that could value the company at up to $10 billion.
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