PARIS — German sporting goods maker Adidas AG said it signed a new five-year revolving credit facility.
The 500 million euro facility, which represents $624.9 million at current exchange, was syndicated as the company’s 2 billion euro — or $2.5 billion — facility, established in 2005, is set to expire this year.
“Throughout the last few years, we have continuously strengthened our capital structure and diversified our financing,” Adidas AG chief financial officer Robin J. Stalker stated. “The ongoing strength of our cash flow generation allows us to reduce the size of the new revolving credit facility.”
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The facility incorporates two one-year extension options, exercisable at the end of the first and second year.
It is coordinated by Bayerische Landesbank, HSBC Bank plc and Mizuho Corporate Bank Ltd.
The company said the facility was substantially oversubscribed, with support from all its existing syndicate banks.