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adidas AG signs new € 500 million revolving credit facility

June 27, 2012

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. 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. 

Robin J. Stalker, CFO of adidas AG

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.