Amer Sports Inc.
AS,
the Finnish sportswear company that went public last week, said Tuesday it has launched an offering of $600 million of seven-year high-yield bonds. The Helsinki-based company and some of its units have also entered a new credit agreement, under which they will have a new $600 million term loan facility, a new EUR500 million term loan facility and a new revolving credit facility that will initially be $710 million. Proceeds from the bond deal along with proceeds from the new credit agreements, are earmarked to repay existing credit facilities. Amer Sports made its debut last week with a deal that priced below the proposed price range at $13 a share, but ended its first day of trade up 3%. The stock closed Monday at $14.60. With 105 million shares in the IPO, Amer Sports raised about $1.37 billion dollars with 21 underwriters, including Goldman Sachs, BofA Securities, JPMorgan and Morgan Stanley. Amer Sports owns outdoor brands Arc’teryx, Salomon and Wilson and operated 261 stores globally as of Sept. 30. S&P Global Ratings assigned the credit a BB rating that is two notches into speculative-grade, or high-yield, status.
