Herzogenaurach, October 11, 2005 - adidas-Salomon today signed a € 2 billion Revolving Credit Facility. The new transaction was syndicated as an increase of the Group’s € 800 million revolving credit facility established in February 2005. The amended facility increases the Group’s financial flexibility and improves its financing structure by further optimizing fees and extending maturities of its available credit lines.
The new 5-year facility, which incorporates two one-year extension options exercisable at the end of the first and second years, was arranged by Banc of America Securities Limited, Barclays Capital, BNP Paribas, Citigroup, Deutsche Bank AG, Dresdner Kleinwort Wasserstein, HSBC Bank plc, Merrill Lynch International, The Royal Bank of Scotland plc and WestLB. Barclays Capital and The Royal Bank of Scotland plc acted as Bookrunners.
Syndication was completed among a select group of adidas-Salomon’s relationship banks. The facility was significantly oversubscribed with the support of all the existing syndicate banks which were joined by eight new lenders.
adidas-Salomon 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 5.25 basis points. The margin is 17.5 basis points over Euribor. A utilization fee of 7.5 basis points is payable, should drawings reach or exceed 50% of the facility amount. Documentary conditions were equally favorable.
adidas-Salomon is one of the global leaders within the sporting goods industry and offers a broad range of products with brands such as adidas and TaylorMade in its portfolio. Excluding the Salomon business segment, which is planned for divestiture in mid-October, the adidas Group reached 2004 sales of € 5.9 billion. The Group’s net income attributable to shareholders from continuing and discontinued operations reached € 314 million in 2004.
This website was built by using the latest techniques and technologies. Unfortunately, your current browser version doesn't support those technologies.
Please upgrade your browser in order to display the website correctly and gain full functionality.