Academy Sports and Outdoor (ASO) Prices 14M Share Secondary Offering at $32/Sh by Selling Shareholders; Announces Concurrent 3.23M Share Buyback

May 6, 2021 5:51 AM EDT

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Academy Sports and Outdoors, Inc. (NASDAQ: ASO) today announced the pricing of the previously announced underwritten secondary offering by certain of its stockholders (the "Selling Stockholders"), including affiliates of Kohlberg Kravis Roberts & Co. L.P., of 14 million shares of common stock of Academy pursuant to a registration statement filed by Academy with the U.S. Securities and Exchange Commission (the "SEC"), at the public offering price of $32.00 share. The Selling Stockholders have granted the underwriters a 30-day option to purchase up to an additional 2.1 million shares of Academy's common stock. 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 3,229,974 of the 14 million shares of common stock from the underwriters at a price per share equal to the price at which the underwriters will purchase the shares from the Selling Stockholders. Any shares of common stock of the Company that Academy repurchases in the concurrent share repurchase 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 May 10, 2021, subject to customary closing conditions. The offering is not conditioned upon the completion of the share repurchase.

Credit Suisse, J.P. Morgan, KKR Capital Markets LLC and BofA Securities are acting as joint bookrunning managers for the proposed offering. Evercore ISI, Guggenheim Securities, UBS Investment Bank and Wells Fargo Securities are acting as bookunners. Stephens Inc., Loop Capital Markets, CastleOak Securities, L.P., Blaylock Van, LLC, Cabrera Capital Markets LLC, Ramirez & Co., Inc. and Telsey Advisory Group are acting as co-managers.

The offering of these securities will be made only by means of a prospectus.

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