Company: UAA
Filing Date: 2025-06-16
Form Type: 8-K
Source: 0001193125-25-141111
Chunk: 1

Company: Under Armour, Inc.
Filing Date: 2025-06-16
Form: 8-K
Item: Item 1.01
Chunk 1
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 increasing the available capacity under the expansion option; and (v) amending certain negative covenants and related definitions.

The borrowings under the Amended Credit Agreement will bear interest at a rate per annum equal to, at the Company’s option, either: (a) an alternate base rate (for borrowings in U. S. dollars), (b) a term rate (for borrowings in U. S. dollars, Euros or Japanese Yen) or (c) a “risk free” rate (for borrowings in Pounds Sterling), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a pricing grid based on a leverage ratio of consolidated total indebtedness to consolidated EBITDA and ranges between 1.00% - 1.75% (or, in the case of alternate base rate loans, 0.00% - 0.75%). The commitment fees payable by the Company on the average daily unused amount of the revolving credit facility is between 0.15% and 0.25%.

The Amended Credit Agreement continues to be primarily secured by a first-priority security interest in substantially all of the assets of the Company and its subsidiary guarantors (excluding real property, capital stock in and debt of subsidiaries of the Company holding certain real property and other customary exceptions); however, the Amended Credit Agreement provides for the permanent fall away of guarantees and collateral upon the Company’s achievement of investment grade rating from two rating agencies.

Consistent with the Existing Credit Agreement, the Amended Credit Agreement:

  contains negative covenants that, subject to significant exceptions, limit the ability of the Company and its subsidiaries to, among other things, incur additional indebtedness, make restricted...  

  requires the Company to maintain a ratio of (i) consolidated EBITDA to consolidated interest expense of not less than 3.50 to 1.00 and (ii) consolidated total indebtedness to consolidated EBITD...  

  includes events of default that are customary for a facility of this nature, including (subject in certain cases to grace periods and thresholds) nonpayment of principal, nonpayment of interest...  
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The foregoing does not constitute a complete summary of the terms of the Seventh Amendment or the Amended Credit Agreement, and reference is made to the complete text of the Seventh Amendment (which includes the full text of