Puma secures more than €600 million in additional financing facilities

Sportswear business Puma has secured additional financing of more than €600 million. It comprises a €500 million facility and a further €108 million in committed credit lines, according to a statement on Thursday. The aim is to reduce utilisation of the existing €1.2 billion revolving credit facility while increasing the company’s financial flexibility.

The new €500 million facility is fully guaranteed by Santander Corporate & Investment Banking (Santander CIB). Both new financing instruments have maturities of up to two years.

Markus Neubrand, CFO of Puma SE, said: “While our existing syndicated credit facility and promissory notes remain available, today’s announcement will enhance our financial flexibility as we work to finalise our long-term financing structure. The fact that our banking partners have further expanded their commitment and business relationship underlines the confidence in our future business model and strategic direction. This will enable us to realise our strategic priorities and our goal of establishing Puma as a top-three sports brand worldwide.”

FashionNetwork.com with dpa