Dick's Sporting Goods completes redemption of 3.25% convertible notes; annual interest cut ~$1.9M

DICK'S SPORTING GOODS, INC.

Redeemed remaining $137,000 principal of 3.25% Convertible Senior Notes due 2025 at 100% plus accrued interest on April 18, 2023.
Holders converted $58,990,000 aggregate principal of the Notes prior to redemption.
Warrant and call option transactions with Wells Fargo fully unwound on April 20, 2023.
Annual interest expense reduced by approximately $1.9 million following conversions and redemption.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DICK'S SPORTING GOODS, INC. terminated a notes offering with Wells Fargo Bank, National Association (the “Hedge Counterparty”) (effective 2023-04-20).

Action: termination
Agreement: notes offering
Counterparty: Wells Fargo Bank, National Association (the “Hedge Counterparty”)
Effective: 2023-04-20

Exact text from the filing

On April 20, 2023, the remaining portion of the warrant transactions that were previously entered into by the Company with Wells Fargo Bank, National Association (the “Hedge Counterparty”) in connection with the Company’s issuance of its 3.25% Convertible Senior Notes due 2025 (the “Notes”) were fully unwound following conversions by holders of the Notes and the Company’s redemption of the Notes.

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DICK'S SPORTING GOODS, INC. filing history →

Source: SEC EDGAR

accession 0001089063-23-000061

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