PITTSBURGH, Jan. 18, 2022 /PRNewswire/ -- DICK'S
Sporting Goods, Inc. (NYSE: DKS), the largest U.S.-based full-line
omni-channel sporting goods retailer, today announced the closing
on January 14, 2022, of its
previously announced offering of $750
million of 3.15% senior notes due 2032 and $750 million of 4.1% senior notes due 2052.
The Company expects to use the net proceeds from the sale of the
notes for general corporate purposes, which may in the future
include repurchases of its existing 3.25% convertible senior notes
due 2025, which were issued in April
2020, or common stock.
In addition, on January 14, 2022,
the Company entered into a new credit agreement, providing for a
$1.6 billion unsecured revolving
credit facility. In connection with this, the Company terminated
all commitments and repaid all obligations under its $1.855 billion secured revolving credit
facility.
"We are very pleased with our inaugural long term investment
grade debt transaction. With the completion of this offering, we
have further strengthened our financial position, providing us
flexibility to pursue our robust growth agenda," said Lauren Hobart, President and Chief Executive
Officer.
Forward-Looking Statements Involving Known and Unknown Risks
and Uncertainties
This release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to
risks and uncertainties and change based on various important
factors, many of which may be beyond the Company's control. The
Company's future performance and actual results may differ
materially from those expressed or implied in such forward-looking
statements. Forward-looking statements should not be relied upon by
investors as a prediction of actual results. Forward-looking
statements include statements regarding, among other things, the
Company's use of proceeds from the notes offering.
Factors that could cause actual results to differ materially
from those expressed or implied in any forward-looking statements
include, but are not limited to: the impact on our business,
operations and financial results due to the duration and scope of
the COVID-19 pandemic, including the potential impact due to
disruptions in our and our vendors' supply chains and due to
restrictions imposed by federal, state, and local governments in
response to increases in the number of COVID-19 cases in areas in
which we operate; changes in consumer discretionary spending; the
extent to which changes in consumer demand due to the COVID-19
pandemic will continue and whether new trends will emerge after the
impact of the COVID-19 pandemic subsides; store closures and other
impacts to our business resulting from civil disturbances;
investments in omni-channel growth not producing the anticipated
benefits within the expected time-frame or at all; risks relating
to private brands and new retail concepts; investments in business
transformation initiatives not producing the anticipated benefits
within the expected time-frame or at all; the amount devoted to
strategic investments and the timing and success of those
investments; inventory turn; changes in the competitive market and
competition amongst retailers, including an increase in promotional
activity; changes in consumer demand or shopping patterns and the
ability to identify new trends and have the right trending products
in stores and online; the impact of a high rate of inflation on our
business; changes in existing tax, labor, foreign trade and other
laws and regulations, including those imposing new taxes,
surcharges, or tariffs; limitations on the availability of
attractive retail store sites; unauthorized disclosure of sensitive
or confidential customer information; website downtime, disruptions
or other problems with the eCommerce platform, including
interruptions, delays or downtime caused by high volumes of users
or transactions, deficiencies in design or implementation, or
platform enhancements; disruptions or other problems with
information systems; increasing direct competition from vendors,
and increasing product costs due to various reasons, including
foreign trade issues, currency exchange rate fluctuations, and
increasing prices for raw materials due to inflation; the loss of
key personnel, including Edward W.
Stack, Executive Chairman, or Lauren
Hobart, President and Chief Executive Officer; developments
with sports leagues, professional athletes or sports superstars,
including disruptions and cancellations due to COVID-19;
weather-related disruptions and seasonality of the Company's
business; and risks associated with being a controlled company.
For additional information on these and other factors that could
affect the Company's actual results, see the risk factors set forth
in the Company's filings with the Securities and Exchange
Commission ("SEC"), including the most recent Annual Report filed
with the SEC on March 24, 2021, and our Quarterly Report
filed with the SEC on November 23,
2021. The Company disclaims and does not undertake any
obligation to update or revise any forward-looking statement in
this press release, except as required by applicable law or
regulation. Forward-looking statements included in this release are
made as of the date of this release.
About DICK'S Sporting Goods, Inc.
Founded in 1948, DICK'S Sporting Goods is a leading omni-channel
sporting goods retailer offering an extensive assortment of
authentic, high-quality sports equipment, apparel, footwear and
accessories. As of October 30, 2021, the Company operated 734
DICK'S Sporting Goods locations across the United States, serving and inspiring
athletes and outdoor enthusiasts to achieve their personal best
through a combination of its dedicated teammates, in-store services
and unique specialty shop-in-shops dedicated to Team Sports,
Athletic Apparel, Golf, Outdoor, Fitness and Footwear.
Headquartered in Pittsburgh,
DICK'S also owns and operates Golf Galaxy, Field & Stream and
Public Lands specialty stores, as well as GameChanger, a youth
sports mobile app for scheduling, communications, live scorekeeping
and video streaming. DICK'S offers its products through a dynamic
eCommerce platform that is integrated with its store network and
provides athletes with the convenience and expertise of a 24-hour
storefront. For more information, visit the Investor Relations page
at dicks.com.
Contacts:
Investor Relations:
Nate Gilch, Senior Director of
Investor Relations
DICK'S Sporting Goods, Inc.
investors@dcsg.com
(724) 273-3400
Media Relations:
(724) 273-5552 or press@dcsg.com
Category: Financial
View original content to download
multimedia:https://www.prnewswire.com/news-releases/dicks-sporting-goods-announces-closing-of-1-5-billion-of-senior-unsecured-baa3bbb-investment-grade-notes-301462123.html
SOURCE DICK'S Sporting Goods, Inc.