PITTSBURGH, June 18, 2018 – PNC Bank, National Association, announced today the closing of a $315 million senior secured credit facility for JD Sports Fashion Plc’s (JD Sports) acquisition of The Finish Line, Inc. (Finish Line). JD Sports is based in Manchester, England, and is a leading retailer of sports, fashion and outdoor brands.
Headquartered in Indianapolis, The Finish Line, Inc. is a premium retailer of athletic shoes, accessories and apparel. Founded in 1976 as The Athlete’s Foot, the company rebranded as Finish Line in 1991. Brand names offered by Finish Line include Nike, Brand Jordan, adidas, Under Armour, Puma, and many others.
“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, fund ongoing working capital, capital expenditures and general corporate purposes. PNC Bank, N.A. served as administrative agent and PNC Capital Markets LLC served as joint lead arranger & joint bookrunner. Treasury management products and services also were included in this transaction.
“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.”
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PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.