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Under Armour (UAA) Jumps 13.9% After $400-Million Debt Offer
Under Armour, Inc. (NYSE:UAA) is one of the
Under Armour ended two straight days of losses on Friday, jumping 13.94 percent to end at $7.03 apiece after announcing plans to raise $400 million through the issuance of debt.
In a statement earlier this week, Under Armour, Inc. (NYSE:UAA) said the notes carry a yield rate of 7.25 percent and will be paid semi-annually. The notes are senior, unsecured obligations, and will mature in 2030. The sale is expected to close on Monday, June 23.
According to Under Armour, Inc. (NYSE:UAA), net proceeds will be used to pay off its $600 million 3.25 percent senior notes due 2026.
In recent news, Under Armour, Inc. (NYSE:UAA) extended its exclusive apparel partnership with the Central Intercollegiate Athletic Association (CIAA) through 2029.
Leonard Zhukovsky /
Under Armour, Inc.'s (NYSE:UAA) relationship with the CIAA began in 2018 after Russell Athletic exited the collegiate uniform space. The partnership gave exclusive access to UA uniforms, gear, footwear, and training equipment.
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Disclosure: None. This article is originally published at Insider Monkey.
