The Chinese sportswear company successfully completed a tender offer for about half of its remaining 7.25 percent senior unsecured notes, reducing the total amount still due to be redeemed by June 3 from $266.1 million down to $127.8 million. The move has allowed 361° to considerably cut its total indebtedness of around $400 million and the related interest charges. Standard & Poor’s is thus forecasting a lower debt/Ebitda leverage of between 3.0 and 3.5 times for 2021 and 2022, down from a previous projection of 4.0-4.5 times. However, S&P has decided to keep its issuer credit rating on the remaining notes at B-, indicating that the company will continue to face debt repayment risks until the notes mature.