Adidas Secures New $1.8 Billion Loan Facility to Navigate Pandemic

   By Mauro Orru

Adidas AG said Tuesday that it has secured a new loan facility for 1.5 billion euros ($1.77 billion) to weather the economic fallout from the coronavirus pandemic.

The German sporting-goods company said the new syndicated loan with 12 banks would run until 2025.

"Obtaining strong investment-grade credit ratings, issuing EUR1.5 billion worth of bonds at favorable conditions and securing a new EUR1.5 billion syndicated loan from our partner banks has considerably strengthened Adidas's financial profile," said Adidas Chief Financial Officer Harm Ohlmeyer.

Adidas said it has already paid back EUR500 million drawn from a facility of Germany's state-owned development bank KfW, for which Adidas received approval from the German government earlier this year.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

November 10, 2020 02:18 ET (07:18 GMT)

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