Under Armour, Inc. entered into an amendment to its loan with JPMorgan Chase Bank that suspends the interest coverage covenant and lowers the debt to EBITDA ratio requirement under its leverage covenant.
The amendment also reduces revolving credit facility commitments available from $1.25 billion to $1.1 billion. The ability to increase the commitments under the credit agreement by up to $300.0 million in the aggregate is suspended during the covenant suspension period.
Further details are available here.
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