Crocs Hits Junk-Bond Market to Fund Stock Buybacks
- The company made its high-yield debut earlier this year
- Junk-bond sales are on a tear as borrowers seize on cheap debt
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Crocs Inc., the colorful clog maker, hit the junk-bond market Thursday, borrowing $350 million at cheap rates to fund stock buybacks, according to a person with knowledge of the matter.
The company, which has seen a rise in its popularity thanks to the likes of Justin Bieber and rapper Bad Bunny, sold the notes at a yield of 4.125%, slightly below earlier price discussions in the range of 4.25%, said the person, who asked not to be identified because the details are private.