Benzinga | Sep 15, 2021 05:27AM EDT

Academy Sports + Outdoors Priced 18.64M Share Secondary Offering of Common Stock @$44.75/Share; Announced Concurrent Share Repurchase 0f 4.5M Shares @$43.32/Share

Academy Sports and Outdoors, Inc. ("Academy" or the "Company") (NASDAQ:ASO) announced the pricing of the previously announced underwritten secondary offering by certain of its stockholders that are affiliates of Kohlberg Kravis Roberts & Co. L.P. (the "Selling Stockholders"), of 18,645,602 shares of common stock of Academy at the public offering price of $44.75 per share, pursuant to a registration statement filed by the Company 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 4,500,000 shares out of the 18,645,602 shares of common stock from the Selling Stockholders at a price per share of approximately $43.52, which is equal to the price at which the underwriters will purchase the shares from the Selling Stockholders, for an aggregate purchase price of approximately $200 million. 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 expected to close on September 17, 2021, subject to customary closing 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.