Academy Sports & Outdoors’ $800 Million Debt Refinancing


Simpson Thacher represented Academy, Ltd. in the transaction.

Academy, Ltd., a wholly-owned subsidiary of Academy Sports and Outdoors, Inc. (“Academy”), completed its offering of $400 million aggregate principal amount of its 6% Senior Secured Notes due 2027. Academy, Ltd. also entered into a senior secured term loan facility for $400 million due 2027. The net proceeds of the offering and the senior secured term loan facility were used, together with cash on hand, to repay in full Academy, Ltd.’s existing term loans, and to pay related fees and expenses.

Academy is one of the leading full-line sporting goods and outdoor recreation retailers in the United States. Originally founded in 1938 as a family business in Texas, Academy has grown to 259 stores across 16 contiguous states, primarily in the southern United States.

The Simpson Thacher team advising Academy included Joe Kaufman (Picture), Sunny Cheong, Stephanie Rowan and Nicholas Halliburton (Capital Markets); Adam Shapiro, Kal Venkatraj and Simone Worthy (Credit); Charles Mathes (Public Company Advisory Practice); Tristan Brown and Alyssa Ohanian (Executive Compensation and Employee Benefits); Nancy Mehlman, Sophie Staples and Suzy Yaster (Tax); Melanie Jolson (Intellectual Property); and Jonathan Pall (Collateral). Associates Evan Zuckerman and Patrick Wolff also provided valuable assistance.

Involved fees earner: Tristan Brown – Simpson Thacher & Bartlett; Sunny Cheong – Simpson Thacher & Bartlett; Nicholas Halliburton – Simpson Thacher & Bartlett; Melanie Jolson – Simpson Thacher & Bartlett; Joseph Kaufman – Simpson Thacher & Bartlett; Charles Mathes – Simpson Thacher & Bartlett; Nancy Mehlman – Simpson Thacher & Bartlett; Alyssa Ohanian – Simpson Thacher & Bartlett; Jonathan Pall – Simpson Thacher & Bartlett; Stephanie Rowan – Simpson Thacher & Bartlett; Adam Shapiro – Simpson Thacher & Bartlett; Sophie Staples – Simpson Thacher & Bartlett; Kalyan Venkatraj – Simpson Thacher & Bartlett; Patrick Wolff – Simpson Thacher & Bartlett; Simone Worthy – Simpson Thacher & Bartlett; Susan Yaster – Simpson Thacher & Bartlett; Evan Zuckerman – Simpson Thacher & Bartlett;

Law Firms: Simpson Thacher & Bartlett;

Clients: Academy Sports & Outdoors;

Author: Ambrogio Visconti