According to a media report, adidas wants to replace the recently approved KfW loan with a corporate bond and get a credit rating from a major rating agency in advance.
An adidas spokeswoman did not want to comment on the report of the manager magazine. She referred to the group’s conference call on Monday, though adidas first quarter results released
As the manager magazine reports, adidas boss Kasper Rorsted plans to issue a multi-billion corporate bond to get rid of the state as a financier as soon as possible. Adidas cannot distribute a dividend during the 15-month term of the 2.4 billion euro loan from the state-owned KfW.
So far, adidas has not had a credit rating from a rating agency. According to Manager Magazin, this should now be available as soon as possible. According to the magazine, the company confirmed corresponding information that the company is “currently working towards obtaining an external credit rating”.
Competitor Nike has from Moody’s an A1 senior unsecured rating and prime 1 rating for commercial paper, the outlook has been negative since the end of March. Nike issued a total of $ 6 billion in senior tranche unsecured debt at the end of March. From Standard & Poor’s, Nike has a long-term issuer rating of AA-, which Nike also received for the bonds.
The adidas spokeswoman did not want to comment that adidas plans to raise the annual target for 2020 for online sales from 4 to 4.5 billion euros. In the face of long closed deals, online retail is the only sales channel that benefits from the Corona crisis.
Adidas shares are listed on XETRA on Thursday at times 0.77 percent lower at EUR 205.20.
DJG / uxd / mgo FRANKFURT (Dow Jones) / Munich (Reuters)