Academy Sports + Outdoors Announces Secondary Offering of Common Stock and Concurrent Share Repurchase
September 13 2021 - 7:08AM
Academy Sports and Outdoors, Inc. (“Academy”) (NASDAQ: ASO) today
announced that certain of its stockholders that are affiliates of
Kohlberg Kravis Roberts & Co. L.P. (the “Selling Stockholders”)
intend to offer for sale in an underwritten secondary offering
18,645,602 shares of common stock of Academy pursuant to a
registration statement filed by Academy with the U.S. Securities
and Exchange Commission (the “SEC”). No shares are being sold by
Academy. The Selling Stockholders will receive all of the proceeds
from this offering.
Academy announced that, subject to the completion of the
offering, it intends to repurchase from the underwriters, out of
the 18,645,602 shares of common stock, a number of shares having an
aggregate purchase price of up to $200 million at a price per share
equal to the price at which the underwriters will purchase the
shares from the Selling Stockholders. Any shares repurchased by
Academy will be pursuant to its recently announced $500 million
share repurchase program and will be retired. The closing of the
share repurchase is conditioned on, and expected to occur
simultaneously with, the closing of the offering, subject to the
satisfaction of other customary conditions. The offering is not
conditioned upon the completion of the share repurchase.
Credit Suisse, KKR Capital Markets LLC, J.P. Morgan and BofA
Securities are acting as joint bookrunning managers for the
proposed offering.
The offering of these securities will be made only by means of a
prospectus. Copies of the preliminary prospectus may be obtained
from: Credit Suisse Securities (USA) LLC, Attn: Prospectus
Department, 6933 Louis Stephens Drive, Morrisville, North Carolina
27560, by telephone at 800-221-1037.
A registration statement, including a prospectus, which is
preliminary and subject to completion, relating to these securities
has been filed with the SEC, but has not yet become effective.
These securities may not be sold, nor may offers to buy be
accepted, prior to the time that the registration statement becomes
effective, and, even then, the securities may only be sold pursuant
to the registration statement and final prospectus. This press
release does not constitute an offer to sell, or a solicitation of
an offer to buy securities, any securities, nor shall there be any
sale of securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About AcademyAcademy is a leading full-line
sporting goods and outdoor recreation retailer in the United
States. Originally founded in 1938 as a family business in Texas,
Academy has grown to 259 stores across 16 contiguous states.
Academy’s mission is to provide “Fun for All” and Academy fulfills
this mission with a localized merchandising strategy and value
proposition that strongly connects with a broad range of consumers.
Academy’s product assortment focuses on key categories of outdoor,
apparel, footwear and sports & recreation through both leading
national brands and a portfolio of 19 private label brands, which
go well beyond traditional sporting goods and apparel
offerings.
Forward Looking StatementsThis press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
are based on Academy’s current expectations and are not guarantees
of future performance. You can identify these forward-looking
statements by the use of words such as “believes,” “expects,”
“potential,” “continues,” “may,” “will,” “should,” “could,”
“seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,”
“anticipates” or the negative version of these words or other
comparable words. The forward-looking statements are subject to
various risks, uncertainties, assumptions or changes in
circumstances that are difficult to predict or quantify. Actual
results may differ materially from these expectations due to
changes in global, regional or local economic, business,
competitive, market, regulatory and other factors, many of which
are beyond Academy’s control. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements are set forth in Academy’s filings with
the SEC, including its registration statement on Form S-1 and its
Annual Report on Form 10-K for the fiscal year ended January 30,
2021, under the caption “Risk Factors,” as may be updated from time
to time in our periodic filings with the SEC. Any forward-looking
statement in this press release speaks only as of the date of this
release. Academy undertakes no obligation to publicly update or
review any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable securities laws.
Media inquiries:Elise Hasbrook, Vice President
Communications281.253.8200elise.hasbrook@academy.com
Investor inquiries:Matt Hodges, Vice President
Investor Relations281.646.5362matt.hodges@academy.com
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