Fitness financials: Precor parent issues domestic bond, plus Garmin, Collective Brands, Costco

Amer Sports said it will issue a bond for domestic and international investors, Garmin said it expects to move its place of incorporation from the Cayman Islands to Switzerland, the S&P boosted its outlook for Collective Brands, and Costco Wholesale said same-store sales rose 9 percent in May.
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Precor parent issues domestic bond

Amer Sports, parent of Precor, said it will issue a EUR 150 million bond targeted at domestic and international investors. This five-year bond carries an annual fixed rate coupon of 5.375 percent, it added.

The proceeds of the offering will be used for refinancing and general corporate purposes.

Nordea Markets and Pohjola Bank acted as bookrunners for the transaction.



Garmin gets approval to move HQ


Following approval from the Grand Court of the Cayman Islands, Garmin (Nasdaq: GRMN) said it expects to move its place of incorporation from the Cayman Islands to Switzerland by the end of the month.

Garmin follows a number of other companies that are moving out of Caribbean offshore financial havens. Its operational headquarters are in Olathe, Kan.

Garmin has said its footprint in Europe has "grown considerably" in recent years, and a Swiss office could make it easier to buy or partner with European companies.

The company expects the move to be effective before the U.S. stock market opens on June 28.

S&P boosts outlook for Collective Brands

Standard & Poor's Ratings Services boosted its outlook for Collective Brands (NYSE: PSS), saying the company improved its performance for the past year.

The ratings agency boosted its outlook to "positive" from "stable" and maintained its "B+" corporate rating for the company, which is the parent of Saucony and Hind.

Costco revenue up for May

Costco Wholesale (Nasdaq: COST) said same-store sales rose 9 percent in May. For the four weeks ended May 30, revenue in stores open at least one year rose 7 percent in the United States and 17 percent internationally.

Excluding gas price inflation and the weaker dollar, revenue in stores open at least one year rose 5 percent.

Total sales for the period rose 11 percent to $6.09 billion from $5.47 billion last year.

--Compiled by Wendy Geister

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