Dick’s Sporting Goods offers $1 billion of senior notes in two parts; price talk emerges

By Devika Patel and Cristal Cody

Knoxville, Tenn., Jan. 10 – Dick’s Sporting Goods, Inc. intends to sell fixed-rate senior notes (Baa3/BBB) in two tranches due 2032 and 2052, according to a 424B2 filed with the Securities and Exchange Commission.

According to Moody’s Investors Service, the amount of the offering will be $1 billion.

The tranche due Jan. 15, 2032 is talked to yield in the Treasuries plus 165 basis points area, and the tranche due Jan. 15, 2052 is talked in the Treasuries plus 215 bps area, a market source said.

The 2032 notes feature a make-whole call until three months prior to maturity and then a par call. The 2052 notes feature a make-whole call until six months prior to maturity and then a par call.

BofA Securities Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used for general corporate purposes, including repurchases of convertibles or common stock.

Dick’s Sporting Goods is a Pittsburgh-based sporting goods retailer.

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