Academy starts roadshow for $450 million eight-year senior notes

By Paul A. Harris

Portland, Ore., July 19 - Academy Ltd. began a roadshow on Tuesday for a $450 million offering of eight-year senior notes (/CCC+/), according to an informed source.

The deal is set to price during the July 25 week.

Credit Suisse Securities (USA) LLC has the physical books and will bill and deliver. Goldman Sachs & Co. is the joint lead physical bookrunner. Barclays Capital Inc. and Morgan Stanley & Co. are the joint passive bookrunners.

The Rule 144A for life notes come with three years of call protection. They feature a three-year 40% equity clawback and a 101% poison put.

Proceeds from the notes, along with proceeds from a $1.49 billion credit facility, will be used to help fund the buyout of Academy by Kohlberg Kravis Roberts & Co. LP and to repay debt.

The prospective issuer is a Katy, Texas-based sporting goods and outdoor store chain.

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