Amer Sports Inc. (AS, -2.34%), the Finnish sportswear company, announced today the commencement of a $600 million high-yield bond offering. This comes just a week after the company went public. In addition, Amer Sports and some of its units have recently entered into a new credit agreement.
New Credit Agreement
Under the new credit agreement, Amer Sports will have access to the following facilities:
- A new $600 million term loan facility
- A new EUR500 million term loan facility
- A new revolving credit facility, initially valued at $710 million.
The primary objective of these credit facilities, combined with the proceeds from the bond offering, is to repay existing credit facilities.
Successful Debut and Strong Market Performance
Amer Sports made its debut last week at an initial price of $13 per share, surpassing the proposed price range. On its first day of trade, the stock gained 3%. As of Monday’s market close, the stock price had risen to $14.60.
Impressive IPO Figures
Amer Sports successfully raised approximately $1.37 billion dollars through its initial public offering (IPO). The IPO consisted of 105 million shares and involved 21 underwriters, including major financial institutions such as Goldman Sachs, BofA Securities, JPMorgan, and Morgan Stanley.
Diverse Brand Portfolio
Amer Sports owns several prominent outdoor brands such as Arc’teryx, Salomon, and Wilson. With a total of 261 stores located worldwide as of September 30th, the company has established a strong global presence.
Credit Rating
S&P Global Ratings has assigned Amer Sports Inc.’s credit a BB rating, indicating a speculative-grade or high-yield status.
