Under Armour, Inc. announced plans to offer $400 million aggregate principal amount of its senior notes due 2030 in a private offering.
The notes will be senior, unsecured obligations of Under Armour, bearing interest semiannually in arrears. The notes will be guaranteed on a senior unsecured basis by Under Armour’s subsidiaries that provide guarantees under its amended revolving credit agreement.
The interest rate, offering price and other terms of the notes are to be determined by negotiations between Under Armour and the initial purchasers.
Under Armour intends to use the net proceeds from the proposed offering together with borrowings under its amended revolving credit agreement, cash on hand or a combination thereof to redeem, repurchase, repay, or otherwise retire all $600 million in aggregate principal amount of its outstanding 3.25 percent senior notes due 2026 at or before maturity.
Image courtesy Under Armour
