Academy Sports and Outdoors, Inc. announced that it has completed a paydown and refinancing of its term loan and that its S&P Global credit rating has been upgraded. On May 25, 2021, Academy reduced its term loan obligation by $99 million, leaving an outstanding principal balance of $300 million, and lowered the interest rate on the remaining balance by 125 basis points to LIBOR + 3.75%. This new rate will save the Company approximately $9 million in interest expense on an annualized basis.