NFL-backed New Era Cap raises $775 million in financing ahead of potential IPO, report says – DIGIWIZ CENTRAL

NFL-backed New Era Cap raises $775 million in financing ahead of potential IPO, report says

New Era caps in a store in Krakow, Poland.

Jakub Porzycki/Getty Images

New Era Cap raised $775 million worth of debt and could explore an IPO, Bloomberg reported.
“I can see myself leading a publicly-traded company,” CEO Christopher Koch told the outlet.
New Era is best known as the official licensed hatmaker for MLB and the NFL.

New Era Cap has raised $775 million of debt amid rumors it could be exploring an initial public offering, according to a new report.

The hatmaker is best-known for its officially-licensed partnerships with MLB and the NFL but has also inked deals with luxury names like YSL and Fear of God. It’s secured a $525 million loan and another $250 million worth of revolving credit, Bloomberg reported.

Bank of America administered New Era’s refinancing effort with JPMorgan, Citigroup, and North Carolina-based Truist Financial serving as co-leads, the outlet added.

The family-owned business’s CEO, Christopher H. Koch, declined to comment on whether New Era was exploring an IPO, but said he found the prospect of running a listed company appealing.

“I’ve got a lot of gas in the tank. I can see myself leading a publicly-traded company,” he said.

Reuters reported Thursday that New Era had started preparing for an IPO that would value it at between $4 billion and $5 billion, citing unnamed sources.

New Era didn’t immediately respond to a request for comment from Insider, made outside normal working hours.

News of the headwear manufacturer’s potential listing comes the same week that an updated filing by SoftBank-owned Arm showed that the chip designer is aiming to finally make its stock-market debut later this month.

Meanwhile, Bloomberg reported Wednesday that Wilson tennis rackets maker Amer is targeting an IPO in early 2024 that could value the company at up to $10 billion.

Read the original article on Business Insider
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