JPMorgan is preparing to underwrite a $6.5bn debt financing to support 3G Capital’s $9.4bn take-private deal for global footwear brand Skechers, according to sources cited by Bloomberg.

The financing is expected to include approximately $4bn in secured debt and $2.5bn in unsecured notes, with the latter potentially featuring a payment-in-kind (PIK) toggle structure, offering 3G Capital greater flexibility in managing interest payments. It is not yet confirmed whether the full package will be launched next week or split into tranches.

The buyout, which features a significant equity contribution from 3G Capital, is scheduled to close in the third quarter of 2025.

Founded in the early 1990s, Skechers has grown into the world’s third-largest athletic footwear brand. The California-headquartered company has nearly doubled its revenue over the past five years and is targeting $10bn in annual sales by 2026.

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