German clothing and sports equipment manufacturer Adidas is finalizing the details of a € 3 billion credit line in which a majority of KfW, the German ICO, will participate, the company said in a statement.
Specifically, the German public bank has promised to contribute 2.4 billion of the credit line, while the other 600 million will be syndicated between UniCredit, Bank of America, Citibank, Deutsche Bank, HSBC, Mizuho Bank and Standard Chartered.
Adidas has explained that the loan is not yet closed, but has prior approval from all those entities. During the duration of this line of credit, one of the conditions of the loan is that you will have to suspend the payment of dividends.
Additionally, the company's board of directors has decided to suspend the repurchase of shares, as well as the cancellation of the short and long-term bonuses expected to be paid during 2020 for the directors, which represents 65% of their annual remuneration. Long-term bonuses for the following management levels will be deferred for one year.
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