Affin Group debuts in US bond market with US$300m note issue
The bank said in a statement today that the issuance follows the establishment of the EMTN programme and Affin's recent inaugural international credit rating of A3 (Stable) from Moody's Investor Services, Inc.
'The notes were priced at 105 basis points (bps) over the five-year US Treasury yield, offering a fixed rate of 5.112 per cent per annum and rated A3 (Stable) by Moody's Investor Services Inc, affirming the bank's robust credit profile and stable outlook.
'The issuance attracted strong global demand, with the final order book exceeding US$1 billion across 67 investor accounts, representing 3.5 times oversubscription,' it said.
Affin said the distributions geographically comprised 87 per cent to Asia, 11 per cent to Europe, Middle East, and Africa (EMEA), and two per cent to offshore US investors.
It said that by investor type, the notes were allocated 72 per cent to asset, fund managers/insurance, 24 per cent to banks, and four per cent to private banks/others.
Meanwhile, Affin Group president and group chief executive officer Datuk Wan Razly Abdullah said the bank's debut in the US dollar bond market marks a significant progression in the group's capital markets strategy, drawing strong global investor demand.
'The overwhelming response underscores investor confidence in our fundamentals and validates the credibility we have established.
'Guided by the Affin Axelerate 2028 (AX28) Plan, the group remains committed to unlocking long-term value through unrivalled customer service, digital leadership and responsible banking with impact,' he added.
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Forward-looking statements relate to expectations, beliefs, projections, plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, future financial condition or results of operations, growth prospects and strategies, potential restructuring efforts (including the scope, anticipated charges and costs, the timing of these measures, and the anticipated benefits of our restructuring initiatives), expectations related to promotional activities, freight, product cost pressures, foreign currency effects, the impact of global economic conditions including changes in trade policy and inflation on our results of operations, liquidity and use of capital resources, the development and introduction of new products, the execution of marketing strategies, benefits from significant investments, and impacts from litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as 'may,' 'will,' 'could,' 'should,' 'expects,' 'plans,' 'anticipates,' 'believes,' 'estimates,' 'predicts,' 'outlook,' 'potential,' or the negative of these terms or other comparable terminology. The forward-looking statements in this press release reflect our current views about future events. They are subject to risks, uncertainties, assumptions, and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe the expectations reflected in the forward-looking statements are reasonable, they are inherently uncertain. We cannot guarantee future events, results, actions, activity levels, performance, or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. 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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands) June 30, 2025 March 31, 2025 Assets Current assets Cash and cash equivalents $ 910,985 $ 501,361 Accounts receivable, net 623,736 675,822 Inventories 1,141,829 945,836 Prepaid expenses and other current assets, net 226,308 206,078 Total current assets 2,902,858 2,329,097 Property and equipment, net 613,174 645,147 Operating lease right-of-use assets 364,960 384,341 Goodwill 496,195 487,632 Intangible assets, net 5,081 5,224 Deferred income taxes 314,742 286,160 Other long-term assets 168,181 163,270 Total assets $ 4,865,191 $ 4,300,871 Liabilities and Stockholders' Equity Current maturities of long-term debt $ 599,757 $ — Accounts payable 635,163 429,944 Accrued expenses 332,692 348,747 Customer refund liabilities 140,511 146,021 Operating lease liabilities 128,639 130,050 Other current liabilities 58,613 54,381 Total current liabilities 1,895,375 1,109,143 Long-term debt, net of current maturities 389,457 595,125 Operating lease liabilities, non-current 557,871 574,277 Other long-term liabilities 148,059 132,048 Total liabilities 2,990,762 2,410,593 Total stockholders' equity 1,874,429 1,890,278 Total liabilities and stockholders' equity $ 4,865,191 $ 4,300,871 UNDER ARMOUR, INC. 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(Unaudited) The table below presents the reconciliation of net revenue growth (decline) calculated in accordance with GAAP to currency-neutral net revenue, a non-GAAP measure. For further information regarding the company's use of non-GAAP financial measures, see 'Non-GAAP Financial Information' above. 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(Unaudited; in thousands) The tables below present the reconciliation of the company's condensed consolidated statement of operations in accordance with GAAP to specific adjusted non-GAAP financial measures discussed in this press release. For further information regarding the company's use of non-GAAP financial measures, see 'Non-GAAP Financial Information' above. 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