Academy Sports + Outdoors announced plans to offer $500 million aggregate principal amount of senior secured notes due 2031 in a private offering. The funds will be used to redeem all of its outstanding senior secured notes due 2027 and repay all outstanding amounts owing under its term loan facility.
Academy also announced that it has delivered a notice of conditional redemption for all of the 2027 notes at a redemption price equal to 100.00 percent of the principal amount of the 2027 notes, plus accrued and unpaid interest up to the redemption date, May 14.
Academy’s obligation to redeem the 2027 notes and pay the redemption price is conditioned upon the completion of an offering of at least $500 million aggregate principal amount of the notes on or before the redemption date. Academy may waive this condition at its discretion.
The notes being sold will be guaranteed on a senior secured basis by certain of Academy’s subsidiaries that guarantee its credit facilities.
The Bank of New York Mellon Trust Company, N.A. is the trustee for the 2027 notes and is serving as the paying agent for the redemption.
Image courtesy Academy Sports
