Dick's Sporting Goods Announces Closing Of $1.5 Billion of Senior Unsecured Baa3/BBB Investment Grade Notes

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.

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.