Reported Earlier, Topgolf Callaway Brands Completes $1B Debt Repayment; Launches $200M Stock Repurchase Program; To Change Corporate Name Back To Callaway Golf Company And Change Ticker Symbol To 'CALY'

Announces Repayment of $1 Billion of Debt and New $200 Million Stock Repurchase Program

• Company to change corporate name back to Callaway Golf Company and change ticker symbol to CALY

CARLSBAD, Calif., Jan. 5, 2026 /PRNewswire/ -- Topgolf Callaway Brands Corp. (the "Company" or "Topgolf Callaway Brands," "we," "our," "us") (NYSE:MODG) is pleased to announce the successful completion of its sale of a 60% stake in its Topgolf and Toptracer businesses ("Topgolf") to private equity funds managed by Leonard Green & Partners, L.P., effective January 1, 2026. The transaction values Topgolf at approximately $1.1 billion. In connection with the sale and related financing transactions, Topgolf Callaway Brands received approximately $800 million in cash proceeds, net of working capital adjustments and transaction expenses (and subject to further customary purchase price adjustments).

In connection with the closing, the Company also repaid $1 billion of outstanding borrowings under its term loan B facility.  

Immediately following the repayment, the Company had approximately $480 million in outstanding debt (including approximately $258 million in convertible notes and approximately $166 million in term debt) and unrestricted cash and cash equivalents of approximately $680 million.  The Company plans to use a portion of the transaction proceeds received to repay its convertible notes, which are scheduled to mature in May 2026.

The Company's Board of Directors ("Board") has also authorized the Company to repurchase up to $200 million of the Company's common stock in open market or private transactions. The Company will assess market conditions, buying opportunities and other factors from time to time and will make strategic repurchases as deemed appropriate. Any repurchases will be made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors, and any repurchases will be made consistent with the terms of the Company's credit facilities, which define the amount of stock that can be repurchased. The repurchase program does not require the Company to acquire a specific number of shares, and it will remain in effect until completed or terminated by the Board. This repurchase program replaces any unused portion of the prior stock repurchase program.