ASO · Academy Sports and Outdoors, Inc.

Academy Sports and Outdoors, Inc. completed a $500 million issuance of 5.875% Senior Secured Notes due 2031 through its wholly-owned subsidiary Academy, Ltd. The transaction, governed by an Indenture dated May 14, 2026, is a significant refinancing that extends the company's debt maturity profile and reduces near-term obligations. Net proceeds were used to redeem all outstanding senior secured notes due 2027, repay the $400 million term loan facility in full, and cover related fees and expenses, with remaining funds for general corporate purposes. The notes are secured on a first-priority basis by substantially all personal property of the issuer and guarantors (excluding ABL Priority Collateral) and on a second-priority basis by ABL Priority Collateral. The Indenture includes customary covenants and events of default. Additionally, the ABL credit facility was amended to extend its maturity to May 14, 2031, and modify the pricing grid. This refinancing strengthens Academy's balance sheet by eliminating near-term debt maturities and reducing interest expense, while maintaining liquidity through the amended ABL facility. The transaction reflects proactive liability management and positions the company for long-term financial flexibility.