Dick’s Sporting Goods boosts liquidity
Dick's Sporting Goods Inc. has taken another move to bolster its liquidity as its stores remain closed.
The sporting goods giant is offering $500 million in convertible senior notes that mature in 2025. Dick’s said it intends to use a portion of proceeds from the deal for general corporate purposes and it will enter hedging positions to avoid diluting its stock on conversion.
Dick's, which has furloughed a "significant number" of employees who work at its stores, distribution centers and corporate headquarters amid the Covid-19 outbreak, has previously taken a number of actions to shore up liquidity during the Covid-19 crisis, including reducing capital executives, cutting salaries of senior executives and select other employees and suspending share repurchases.