Dick’s Sporting Goods, Inc. announced the closing on January 14, 2022, of its previously announced offering of $750 million of 3.15 percent senior notes due 2032 and $750 million of 4.1 percent senior notes due 2052.
The retailer expects to use the net proceeds from the sale of the notes for general corporate purposes, which may, in the future, include repurchasing of its existing 3.25 percent convertible senior notes due in 2025, issued in April 2020, or common stock.
In addition, on January 14, 2022, Dick’s entered into a new credit agreement providing for a $1.6 billion unsecured revolving credit facility. In connection with this, it terminated all commitments and repaid all obligations under its $1.855 billion secured revolving credit facility.
“We are very pleased with our inaugural long-term investment-grade debt transaction. With the completion of this offering, we have further strengthened our financial position, providing us the flexibility to pursue our robust growth agenda,” said Lauren Hobart, president and chief executive officer.
Photo courtesy DKS
