Sporting Goods Industry News for September 24, 2020
The sale of 15,625,000 shares of the KKR-controlled retailer will be in the $15-17 per share range and is expected to result in net proceeds of approximately $225 million, excluding an underwriters’ overallotment of up to 2,343,750 additional shares.
Retailers are shifting rapidly towards more athletics and more activewear in general, and Puma’s position at the juncture of sport and sport culture has it well situated to thrive in the new world the pandemic has created, North America chief Bob Philion told a virtual audience at the SFIA’s conference.
Gellert, who has been running Patagonia EMEA since the end of 2014, has been promoted to serve as chief executive of Patagonia Works, the parent company of Patagonia Inc.
Despite considering the action sports brand’s issuance of a super senior term loan tantamount to a default because it relegated existing lenders to a junior position, Standard & Poor’s raised Boardriders issuer credit rating to CCC from SD.
The ratings agency also gave a B1 rating to GOOS’ new $300 million (C$402 mm) senior secured first lien term loan due in 2027, which will be used to pay down its existing C$155 term loan, C$50 million ABL balance, with the rest added to cash on the balance sheet.
SPWH will pay Dick’s $4.5 million for the inventory and assets of the Erie, PA, and Charleston, SC, Field & Stream stores, which will be rebranded as Sportsman’s Warehouses.