PNC Bank served as administrative agent for a $315 million senior secured credit facility to support JD Sports Fashion’s acquisition of The Finish Line.
Based in Manchester, UK, JD Sports is a retailer of sports, fashion and outdoor brands.
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Founded in 1976 as The Athlete’s Foot and headquartered in Indianapolis, The Finish Line is a retailer of athletic shoes, accessories and apparel.
“PNC has worked with Finish Line for almost 20 years,” said Josh Stehlin, senior vice president and business development officer for PNC Business Credit. “The breadth of PNC Business Credit’s products and services allowed us to expand this partnership and help Finish Line continue to grow.”
Finish Line will use the funds to refinance an existing credit facility, partially finance the acquisition by JD Sports and fund ongoing working capital, capital expenditures and general corporate purposes.
PNC Capital Markets served as joint lead arranger and joint bookrunner on the transaction. Treasury management products and services also were included.
“This most recent transaction with Finish Line is the latest in a series of deals that PNC Business Credit has closed following the consolidation of our retail finance activity into a dedicated group,” said Marc Price, senior vice president and group head of PNC Business Credit Retail Finance. “Our commitment to the retail industry remains steadfast as we continue to align ourselves with top-tier management teams and world-class operators with international reach and presence.”
