The Germany-based company has secured additional financing in the form of a 500-million-euro bridge loan and confirmed credit lines totalling 108 million euros. The aim is to increase overall flexibility and headroom.
Puma has secured over 600 million euros of new financing, comprising a 500-million-euro bridge loan and 108 million euros of confirmed credit lines. These funds are intended to provide interim liquidity in order to refinance borrowings under the company’s existing 1.2 billion euros revolving credit facility, thereby increasing financial flexibility and headroom.
“Even though our existing Revolving Credit Line and the promissory notes (Schuldscheindarlehen) are staying continuously available, today’s announcement will add more financial flexibility as we are working to finalize our long-term funding structure”, commented the Markus Neubrand, Chief Financial Officer of Puma.
In the statement, the company revealed that the new 500-million bridge loan was fully underwritten by Santander Corporate & Investment Banking (Santander CIB). Both the bridge loan and the additional confirmed credit lines have a maturity period of up to two years.
“The fact that Bank partners have further increased their exposure and business, underscores the confidence in our future business model and strategic direction. This will allow us to execute on our strategic priorities and our ambition to establish Puma as a Top 3 sports brand globally”, he concluded.
Image Credits: modaes.com
京公网安备 11010202009378号
.jpg)
