Adidas AG (ADDDF.PK,ADDYY.PK) said it signed a 500 million euros revolving credit facility on Tuesday. The new five-year facility incorporates two one-year extension options exercisable at the end of the first and second year.
Bayerische Landesbank, HSBC Bank plc and Mizuho Corporate Bank Ltd. are acting as Coordinators. Syndication was completed among a select group of adidas AG's relationship banks. The facility was substantially oversubscribed with the support of existing syndicate banks. Robin Stalker, CFO of adidas AG, said, "The success of the transaction shows once more the strong standing the adidas Group enjoys in the international capital markets. Throughout the last few years, we have continuously strengthened our capital structure and diversified our financing. The ongoing strength of our cash flow generation allows us to reduce the size of the new revolving credit facility."
The new transaction was syndicated as the Group's 2 billion euros revolving credit facility established in October 2005 expires this year. The facility secures the company's financial flexibility and ensures long-term cost-effective financing.
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