Under Armour Negotiates Relaxing of Lending Covenants
UA and JPMorgan Chase amended the company’s credit agreement to suspend its interest coverage covenant through 2021, and reduce the debt to EBITDA ratio required under its leverage covenant. Maximum leverage under the revised terms is 4.5X through Q3 ’21, and drops to 4.0x in Q4 ’21 and 3.5X thereafter. Under Dog must instead maintain minimum liquidity of $450 ... Log in to view full article.