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Under Armour gets $180 million revolver
By Sara Rosenberg
New York, Jan. 29 - Under Armour Inc. closed on a new $180 million three-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
PNC Bank is the administrative agent on the deal that was completed on Jan. 28, with SunTrust Bank the syndication agent and Compass Bank the documentation agent.
Pricing on the revolver can range from Libor plus 200 basis points to 250 bps based on leverage, with a Libor floor of 1.25%. The commitment fee can range from 37.5 bps to 50 bps.
There is a $70 million accordion feature.
Covenants include leverage and fixed-charge coverage ratios.
Proceeds were used to replace the company's existing $100 million revolver and are available for working capital and general corporate purposes.
Under Armour is a Baltimore-based developer, marketer and distributor of branded performance apparel, footwear and accessories.
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