{"id":166136,"date":"2020-04-15T09:17:00","date_gmt":"2020-04-15T09:17:00","guid":{"rendered":"https:\/\/www.theindustry.fashion\/adidas-receives-e3-billion-government-backed-loan\/"},"modified":"2021-08-06T12:05:26","modified_gmt":"2021-08-06T12:05:26","slug":"adidas-receives-e3-billion-government-backed-loan","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/adidas-receives-e3-billion-government-backed-loan\/","title":{"rendered":"Adidas receives \u20ac3 billion government backed loan"},"content":{"rendered":"\n

Sports apparel and footwear company\u00a0Adidas<\/a> has confirmed it has been given approval for a syndicated \u20ac3 billion government-backed loan<\/strong> to mitigate the financial impact from the spread of COVID-19.<\/p>\n

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Adidas also confirmed on Tuesday that it was suspending dividends, share buybacks and 2020 executive bonuses as a condition of getting the loan<\/strong>, citing the need \u201cto bridge this unprecedented situation.\u201d<\/p>\n

The loan, which will be priced in line with market conditions, comprises a loan commitment of \u20ac2.4 billion from KfW and \u20ac600 million in loan commitments from a consortium<\/strong> including UniCredit, Bank of America, Citibank, HSBC and Standard Chartered Bank.<\/p>\n

Adidas also said it was still unable to provide an outlook for the full year 2020<\/strong> and that publication of first quarter results would be on 27 April 2020, with the company concluding: \u201cThe further development of the coronavirus outbreak and its impact on the company\u2019s business cannot be predicted at this point in time.\"<\/p>\n

Earlier this month, Adidas announced it will suspend a \u20ac1 billion share buyback<\/a> it had planned for this year in order to conserve cash after shuttering its retail outlets in Europe and North America.<\/p>\n

In a statement, Adidas said:\u00a0\u201cConsidering the high level of economic uncertainty caused by the dynamic developments related to the coronavirus outbreak, the Adidas Executive Board decided to proactively adopt a conservative approach to liquidity management.\u201d<\/p>\n

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To keep up to date with all the COVID-19 related content,\u00a0TheIndustry.fashion has created a dedicated hub of news<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>","protected":false},"excerpt":{"rendered":"

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