ASO · Academy Sports and Outdoors, Inc.

Academy Sports and Outdoors, through its wholly-owned subsidiary Academy, Ltd., is executing a debt refinancing transaction aimed at extending its debt maturity profile and optimizing its capital structure. The subsidiary intends to issue $500 million in aggregate principal amount of senior secured notes due 2031 in a private placement pursuant to Rule 144A and Regulation S. The transaction is subject to market and other conditions. The net proceeds are designated for a specific liability management strategy: funding the redemption of all outstanding senior secured notes due 2027, repaying all outstanding amounts under its term loan facility, covering related fees and expenses, and for general corporate purposes. Concurrently, the company delivered a conditional notice of full redemption for the 2027 Notes. The redemption is set for May 14, 2026, at a price of 100.00% of the principal amount plus accrued and unpaid interest. The redemption is explicitly conditioned upon the completion of the new Notes offering of at least $500 million, though the Issuer retains the discretion to waive this condition. The new Notes will be secured by a first-priority lien on substantially all personal property of the Issuer and guarantors, positioning these creditors favorably in the capital structure. The Bank of New York Mellon Trust Company, N.A. serves as the trustee and paying agent for the 2027 Notes.