JD Sports plans new debt financing for Finish Line purchase

By Sara Rosenberg

New York, March 26 – JD Sports Fashion plc has received commitments for new debt financing to help fund its acquisition of Finish Line Inc., to refinance existing bank facilities and for general corporate purposes, according to a news release.

The debt is split between a $315 million asset-based facility at Finish Line Inc. that is being led by PNC Bank and a £400 million revolving credit facility at JD Sports led by Barclays and HSBC Bank.

Under the agreement, Finish Line is being bought for $13.50 per share in cash representing an aggregate deal value of approximately $558 million.

Closing is expected no earlier than June, subject to JD Sports and Finish Line shareholder approval, regulatory approvals and other customary conditions.

JD Sports is an Bury, England-based retailer and distributor of branded sportswear and fashionwear. Finish Line is an Indianapolis-based retailer of shoes, apparel and accessories.

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