adidas AG: adidas AG signs new € 500 million revolving credit facility

6/27/2012, 8:00 AM (Source: GlobeNewswire)

adidas AG / adidas AG: adidas AG signs new € 500 million revolving credit facility . Processed and transmitted by Thomson Reuters ONE. The issuer is solely responsible for the content of this announcement.

For immediate release                                                                                  June 27, 2012

adidas AG signs new
€ 500 million revolving credit facility

Herzogenaurach - adidas AG yesterday signed a € 500 million revolving credit facility. The new transaction was syndicated as the Group's € 2 billion revolving credit facility established in October 2005 expires this year. The facility secures the Group's financial flexibility and ensures long-term cost-effective financing.

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, and, together with Citigroup Global Markets Ltd., Deutsche Bank AG, Standard Chartered Bank, The Bank of Tokyo-Mitsubishi UFJ Ltd., JP Morgan Ltd., Bank of America Securities Ltd. and UniCredit Bank AG, as Bookrunners. 

Syndication was completed among a select group of adidas AG's relationship banks. The facility was substantially oversubscribed with the support of all the existing syndicate banks.

"The success of the transaction shows once more the strong standing the adidas Group enjoys in the international capital markets," said Robin J. Stalker, CFO of adidas AG. "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."

adidas AG was able to take advantage of the strong liquidity available in the syndicated loan market, signing this medium-term facility with a commitment fee of 14 basis points p.a. The margin is 40 basis points over Euribor. Documentary conditions were equally favourable.

About the adidas Group
The adidas Group is one of the global leaders within the sporting goods industry, offering a broad range of products around the core brands: adidas, Reebok, TaylorMade, Rockport and Reebok-CCM Hockey. Headquartered in Herzogenaurach, Germany, the Group has more than 46,000 employees and generated sales of over € 13.3 billion in 2011.



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adidas AG
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