Academy Sports + Outdoors Announces Secondary Offering of Common Stock and Concurrent Share Repurchase

About this update from Academy Sports And Outdoors, Inc.

[{"type":"text","content":"KATY, Texas, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Academy Sports and Outdoors, Inc. (“Academy”) (NASDAQ: ASO) today announced that certain of its stockholders that are affiliates of Kohlberg Kravis Roberts & Co. L.P. (the “Selling Stockholders”) intend to offer for sale in an underwritten secondary offering 18,645,602 shares of common stock of Academy pursuant to a registration statement filed by Academy with the U.S. Securities and Exchange Commission (the “SEC”). No shares are being sold by Academy. The Selling Stockholders will receive all of the proceeds from this offering. Academy announced that, subject to the completion of the offering, it intends to repurchase from the underwriters, out of the 18,645,602 shares of common stock, a number of shares having an aggregate purchase price of up to $200 million at a price per share equal to the price at which the underwriters will purchase the shares from the Selling Stockholders. Any shares repurchased by Academy will be pursuant to its recently announced $500 million share repurchase program and will be retired. The closing of the share repurchase is conditioned on, and expected to occur simultaneously with, the closing of the offering, subject to the satisfaction of other customary conditions. The offering is not conditioned upon the completion of the share repurchase. Credit Suisse, KKR Capital Markets LLC, J.P. Morgan and BofA Securities are acting as joint bookrunning managers for the proposed offering. The offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained from: Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, by telephone at 800-221-1037. A registration statement, including a prospectus, which is preliminary and subject to completion, relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective, and, even then, the securities may only be sold pursuant to the registration statement and final prospectus. This press release does not constitute an offer to sell, or a solicitation of an offer to buy securities, any securities, nor shall there be any sale of securi...

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