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02.05.2023

BIRKENSTOCK Group voluntarily prepays USD 50 million of USD TERM LOAN B

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Linz am Rhein, May 2, 2023 – Today BIRKENSTOCK Group made a USD 50 million voluntary prepayment of its USD Term Loan B. This prepayment reflects BIRKENSTOCK’s continued excellent operating results, strong liquidity position, and stated commitment to balance sheet deleveraging. Following this repayment, the USD Term Loan B principal balance will stand at approximately USD 785 million; a reduction of USD 65 million versus its original balance.

The funds for today's early repayment were generated from the operating cash flow of BIRKENSTOCK Group. This voluntary prepayment is an expression of the Group’s consistently strong operating results and accompanying free cash flow. BIRKENSTOCK also continues to invest for growth, including the construction of a new production site in Pasewalk, Mecklenburg-Western Pomerania. With this prepayment, both BIRKENSTOCK Group itself and its shareholders affirm the stated objective to continue to deleverage the balance sheet, adding to the already substantial deleveraging that has occurred as a result of the Group’s earnings growth. This deleveraging has also been aided by the strong support of BIRKENSTOCK Group’s shareholders. Since L Catterton’s acquisition of BIRKENSTOCK Group (in April 2021), shareholders of BIRKENSTOCK Group have received no shareholder distributions.

The ABL revolving credit facility with a capacity of EUR 200 million remains fully undrawn and therefore available in it’s entirely to BIRKENSTOCK Group.

Contact - News Birkenstock

About BIRKENSTOCK

BIRKENSTOCK is a global brand which embraces all consumers regardless of geography, gender, age and income and which is committed to a clear purpose - maintaining foot health. Deeply rooted in studies of the biomechanics of the human foot and footed on a family tradition of shoemaking that can be traced back to 1774, BIRKENSTOCK is a timeless «super brand» with a brand universe that transcends product categories and ranges from entry-level to luxury price points while addressing the growing need for a conscious and active lifestyle. Function, quality and tradition are the core values of the lifestyle brand which features products in the footwear, sleep systems and natural cosmetics segments. BIRKENSTOCK is the inventor of the footbed and has shaped the principle of walking as intended by nature (“Naturgewolltes Gehen”).

With around 6,200 employees worldwide, we believe how things are made matters as much as the product itself. To ensure these quality standards, we operate a vertically integrated manufacturing base and produce all our footbeds in Germany. In addition, we assemble over 95% of our products in Germany and we source over 90% of our materials and components from Europe. We process our inputs to the highest environmental and social standards in the industry by operating state-of-the-art scientific laboratories for materials testing.

BIRKENSTOCK runs operational sites in Germany, in the states of North Rhine-Westphalia, Rhineland-Palatinate, Hesse, Bavaria, Saxony, and Mecklenburg-Western Pomerania. Headquartered in Linz am Rhein, the BIRKENSTOCK Group also operates its own sales offices in the United States and Canada as well as in Brazil, Japan, Denmark, Poland, Switzerland, Sweden, Spain, the United Kingdom, France, Norway, the Netherlands, Dubai, Singapore and India.

Birkenstock Group B.V. & Co. KG Burg Ockenfels,
Linz am Rhein, Germany

You can find our online shop at www.birkenstock.com

Contact - News Birkenstock

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