Under Armour borrows $700 million from revolving credit facility

By Sarah Lizee

Olympia, Wash., March 26 – Under Armour, Inc. borrowed $700 million under its $1.25 billion revolving credit facility between March 13 and March 20, according to an 8-K filing with the Securities and Exchange Commission.

The borrowings were made as a precautionary measure in order to increase the company’s cash position and preserve liquidity given the uncertainty in global markets resulting from the Covid-19 outbreak.

Under Armour is holding the borrowings on its balance sheet.

The company may from time to time repay or reborrow some of the amounts based on a number of factors, including market conditions, business needs, general liquidity and the company’s leverage ratio.

Under Armour is a Baltimore-based developer, marketer and distributor of brand performance apparel, footwear and accessories.

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