JPMorgan Chase to lead a lenders pool for providing secured debt and PIK bonds worth a total of 6.5 billion US Dollars.
NYSE-listed Skechers, the third largest sports footwear manufacturer in the world, attracted a 9,4 billion US Dollars take private offer from 3G Capital (press release). The company’s board already agreed with the transaction terms. Bloomberg reported that the buyer will receive after US Memorial Day (26 May – Monday) a 4 billion secured debt facility and raise 2.5 billion through the issuance of unsecured PIK Bonds. JPMorgan Chase will lead the lenders pool.
The 63 USD per share offer of 3G Capital may close by 3Q25 and pays a 30% compared to the 15-day volume-weighted average price of Skechers stock. The target’s shareholders can also opt for receiving 57 USD per share in chash plus one non-listed and non-transferable equity of the private newco that will delist the company.
Robert Greenberg, the 85 years old founder and ceo Skechers, the chairman Michael Greenberg and coo David Weinberg will keep their roles.
Skechers was born in 1992 and its headquarter is in California’s Manhattan Beach. The firm changed its brand strategy from streetwear to comfort sneakers for competing with global giants like Nike and Adidas. Skechers has 5000 shops in more than 120 countries and in 2024 generated a turnover of 8.97 billion with a 2025 guidance of 9.75 billion. Sales in 2015 amounted to 3.16 billion (investors presentation).
