JPMorgan Chase is preparing to launch a $6.5bn debt package as early as next week to support private equity firm 3G Capital’s acquisition of global footwear brand Skechers, according to a report by Bloomberg citing sources familiar with the matter.
The debt financing is expected to comprise approximately $4bn in secured debt and $2.5bn in unsecured notes, the latter potentially featuring a payment-in-kind (PIK) toggle structure. The PIK option allows the borrower flexibility to pay interest in cash or through the issuance of additional debt.
It remains unclear whether the full debt package will come to market next week or whether the launch will proceed in tranches, the source added.
Neither JPMorgan nor representatives for 3G Capital or Skechers responded to requests for comment.
3G Capital’s $9.4bn take-private deal for Skechers, which includes a significant equity contribution, is expected to close in Q3 2025, according to a company statement.
Skechers, founded in the early 1990s and headquartered in Manhattan Beach, California, ranks as the world’s third-largest athletic footwear brand. The company has nearly doubled its revenue over the past five years and is targeting $10bn in annual sales by 2026, according to Bloomberg Intelligence retail analyst Abigail Gilmartin.
