NEW YORK (S&P Global Ratings) March 31, 2023--S&P Global Ratings today said that its ratings on U.S.-based Boardriders Inc. (CCC/Negative/--) are not affected by Authentic Brands Group LLC's (B/Stable/--) announcement to acquire the company for approximately $1.25 billion. We expect the deal to close in the second half of 2023. We anticipate Authentic Brands will repay Boardriders' debt upon the close of the transaction. Therefore, we will likely withdraw all of our ratings on Boardriders following the close of the transaction and repayment of its existing debt. As of Jan. 31, 2023, the company had $740 million total debt outstanding. We will continue to assess the transaction's effect on our ratings as more information becomes available.
