Academy Sports and Outdoors, Inc. (NASDAQ: ASO) announced that its subsidiary Academy, Ltd. completed a private placement of $500 million in aggregate principal amount of 5.875% Senior Secured Notes due 2031.

The notes were issued under Rule 144A and Regulation S under the Securities Act of 1933. Academy used the net proceeds to redeem all outstanding senior secured notes due 2027, repay all amounts under its term loan facility, cover related fees and expenses, and support general corporate purposes.

Academy operates as a sporting goods and outdoor recreation retailer with more than 300 stores across 21 states. The company was founded in 1938 in Texas and focuses on outdoor, apparel, sports and recreation, and footwear categories through national brands and private label products.

The information is based on a company press release statement.