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adidas AG: adidas receives approval for syndicated loan through KfW

adidas AG / Key word(s): Financing
adidas AG: adidas receives approval for syndicated loan through KfW

14-Apr-2020 / 18:02 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Herzogenaurach, April 14, 2020

ad-hoc: adidas receives approval for syndicated loan through KfW

Following the severe impact on its business from the global spread of the coronavirus pandemic, adidas has taken further steps to safeguard the company's financial flexibility. Today, the company received the approval of the German government for the participation of KfW, Germany's state-owned development bank, in a syndicated revolving loan facility amounting to € 3.0 billion at customary market conditions to bridge this unprecedented situation. The yet to be concluded syndicated loan comprises a loan commitment of € 2.4 billion from KfW and € 600 million in loan commitments from a consortium of the company's partner banks, including UniCredit, Bank of America, Citibank, Deutsche Bank, HSBC, Mizuho Bank and Standard Chartered Bank. adidas will repay any used portion of the loan, including interest and fees, as quickly as possible.

One of the conditions of the syndicated loan is that adidas de facto suspends dividend payments for the duration of the facility. Furthermore, the Executive Board recently took the decision to stop the repurchasing of adidas shares as well as to forgo its short- and long-term bonus for the year 2020, which accounts for a total of 65% of the target annual compensation. The long-term bonus component for the next leadership levels within the company will also be forfeited for the current year. All of this is consistent with adidas' approach to liquidity management in the current environment.

The further development of the coronavirus outbreak and its impact on the company's business cannot be predicted at this point in time. As a result, adidas is still not able to provide an outlook for the full year 2020 that includes this impact. Against this background, it has been decided to move the date of the publication of the results for the first quarter of 2020 forward to April 27, 2020, in order to keep the market informed about the company's financial performance in the timeliest possible manner.


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For more information, please visit adidas-group.com.

14-Apr-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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