A B2 credit rating by Moody’s Investors Service (Moody’s), on the credit facility held by World Triathlon Corp (WTC), has been kept on hold. Now under the umbrella of China’s Wanda Sports Holdings, WTC is the entity that owns and operates IRONMAN.
According to Moody’s, a decision by IRONMAN not to pursue refinancing will not change its existing B2 rating. Fuller details are available from Moody’s online.
As clarified by the Nasdaq exchange, Moody’s ratings of longer-term corporate debt are classed from B to B3.
Back in 2014, when WTC was owned by private equity firm Providence Equity Partners, the business took out a US$220 million term loan due for repayment in 2021 and a US$20 million ‘revolver’ (revolving credit facility, used as required) due for repayment in 2019.
In 2018, WTC’s credit facility stood a US$250m seven-year loan and a US$21m ‘revolver’ over five years. In July, Moody’s gave WTC a B2 rating on the debt.
Earlier this year, Reuters reported that three banks were working on a proposed initial public offering (IPO) for the sports businesses owned by Dalian Wanda Group. (IRONMAN was acquired by Wanda Group in 2015 for US$650 million, in a deal that closed in November 2015.)
Since January, however, there have been no further reports about an IPO. IRONMAN has maintained its expansion momentum with a number of new events, as well as key sponsorships for its existing properties:
- Continued Middle East expansion in July with unveiling of IRONMAN 70.3 Oman
- Isuzu secured as title sponsor for 2018 IRONMAN 70.3 World Championship
- New IRONMAN 70.3 Bangsaen in Thailand unveiled in July
- Subaru Canada secured as title sponsor of all IRONMAN events In Canada
- In June, IRONMAN Boulder and IRONMAN 70.3 Boulder were extended through 2020
- Sponsorship agreements with McKee Foods in Chattanooga renewed in June
- ROKA and IRONMAN expand relationship internationally
- Inaugural IRONMAN 70.3 Greece unveiled in May
- IRONMAN confirms first full distance event in Ireland
- Ventum named Official Global Bike partner of IRONMAN
- IRONMAN 70.3 Shanghai Chongming becomes fifth event in China
- Multi-Year partnership with HOKA ONE ONE confirmed in North America and Europe
- In March, Enervate became the IRONMAN European Tour official nutrition partner
- Also in March, new ‘IRONSPORT powered by IRONMAN’ brand unveiled
- IRONMAN Wisconsin extended through 2021
- IRONMAN celebrates 40th anniversary with ’40 Years of Dreams’ campaign
- In January, IRONMAN and USA Triathlon announced Time to Tri initiative
- Also in January, new IM 70.3 Indian Wells-La Quinta in Southern California unveiled
Over the past few years, World Triathlon Corp/IRONMAN has been notably acquisitive:
- In May 2018, Ultra-Trail Australia was acquired by IRONMAN
- Also in May this year, IRONMAN acquired the Mass Participation Division of TITAN Experience in Ireland, helping to consolidate its UK & Ireland operations
- In June 2017, IRONMAN acquired 100% of Competitor Group Holdings (CGI), owner of the Rock ‘n’ Roll Marathon Series, in a move that established IRONMAN as the ‘largest running event producer in the world’.
- IRONMAN already owns or operates more than 20 running races worldwide, including the Standard Chartered Singapore Marathon, ASB Auckland Marathon, Marathon Bordeaux and Across the Bay 10K.
- Alongside the delivery of premier marathons, IRONMAN has, over the years, moved into road cycling events including the UCI Velothon Majors Series, as well as mountain bike events such as the Absa Cape Epic, and Cape to Cape and Port to Port MTB races.