adidas holders convert all its 2.5% convertibles ahead of redemption

By Susanna Moon

Chicago, Nov. 10 - adidas AG said holders converted all €400 million of adidas International Finance BV's 2.5% convertible bonds due 2018 by Monday.

Following the conversion, the company said it will have issued 15,684,274 new shares.

As a result, adidas said it will reduce its net debt by about €400 million, helping to achieve its medium-term target of financial leverage below 50% by year-end 2009.

adidas International said on Oct. 7 that it would redeem all its 2.5% convertibles at par plus accrued interest up to but excluding Nov. 23, the redemption date.

Investors could convert their bonds by Monday, and the company said that, given the current share price, it expected the majority of bondholders to convert the bonds.

The company's stock (Pink Sheets: ADDYY) closed at $26.25 on Monday.

adidas is a Herzogenaurach, Germany, producer of sportswear and sports equipment.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.