By Roger Yao cs07@fitqs.com
1. Peloton Announces Global Refinancing Plan
Peloton Interactive, Inc. (NASDAQ: PTON) announced a global refinancing plan on May 20, 2024. Under this plan, the company intends to issue $275 million in convertible senior notes due in 2029 through a private offering, along with signing a $1 billion five-year term loan agreement and a $100 million five-year revolving credit agreement. The proceeds from this issuance, along with the new credit facilities, will be utilized for the repurchase of existing notes, refinancing of existing term loans and revolving credit facilities, and payment of related fees and expenses.
2. Johnson North America Recalls Matrix T1 and T3 Commercial Treadmills
Johnson North America announced an expanded recall of Matrix T1 and T3 series commercial treadmills due to potential fire hazards. The recall, initiated on April 11, 2024, addresses the risk of fire caused by power cords detaching from the power socket. Approximately 9,700 treadmills are affected by this recall, with previous recalls in January 2022 involving around 19,900 treadmills of various models. These treadmills, manufactured in China and Taiwan from March 2018 to January 2024, have been associated with incidents of sparking, smoking, and melting due to power cord and socket issues, leading to concerns and several reported fires.
3. SIBEC Supplier Interaction Business Exchange Conference
SIBEC, a highly anticipated professional event in the global fitness and leisure industry, took place from May 19 to 22, 2024, in California, USA. Designed to foster strategic cooperation and business development between suppliers and buyers, the event provided a unique platform for industry professionals to drive innovation and growth through face-to-face interactions and collaborations.
4. Spain's Etenon Fitness Expects 30% Sales Growth
Spain's Etenon Fitness anticipates reaching €20 million in sales for 2024, marking a 30% growth compared to 2023's €15.5 million. With a 20% increase in sales during the first four months of the year, the company aims to capitalize on opportunities presented by events like Fibo and Dubai Active by expanding into international markets and introducing new product lines.
5. Vision Fitness Launches Commercial Product Line
Vision Fitness introduced a comprehensive commercial strength equipment series and appointed Chris Torggler as General Manager. The product line, including selectorized strength equipment and cardio machines, targets fitness clubs, hotels, and other vertical channels, aiming to provide reliability and value. The company plans to launch 32 new products in 2024, which were showcased at the IHRSA trade show.
6. Intersport Aims to Become Germany's Most Sustainable Sporting Goods Retailer
Intersport Germany announced its ambition to become Germany's most sustainable omnichannel sporting goods retailer by 2030. Through its fifth sustainability report released in spring 2024, the company outlined initiatives to integrate sustainability across its value chain, aiming to convert at least 50% of its product range into sustainable options by 2030 and achieve climate neutrality at its headquarters by the same year. Collaboration with international organizations like IIC is integral to implementing sustainability initiatives comprehensively.
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