Adidas AG raised 500 million euros ($654 million) from the sale of convertible bonds. The bonds can be handed over for stock in the company when the shares, which closed at a record 60 euros yesterday, rise 40 percent to 83.46 euros, Adidas said in a statement.

The notes due June 2019 will pay 0.25 percent interest, and the proceeds will be used to refinance debt and “optimize” its capital structure, Adidas said.

UniCredit managed the transaction with Citigroup Inc. and Deutsche Bank AG.