German sportswear firm Adidas plans a multi-billion euro bond so that it no longer needs the state-backed loan it agreed to take earlier this month to help it get through the coronavirus crisis. Adidas first had to get a credit rating from a large ratings agency. The brand agreed to take a €2.4 billion government-backed loan on April 14 after it was hit by the closure of stores due to global coronavirus lockdowns and by the postponement of the Olympic Games and Euro soccer tournament.
Adidas, which reports first-quarter results next Monday, said it was still unable to provide an outlook for the full year. The company's €3 billion loan includes €2.4 billion from the KfW state developmen bank and €600 million in loan commitments from a consortium including UniCredit, Bank of America, Citibank, Deutsche Bank, HSBC, Mizuho Bank and Standard Chartered Bank.
