Under Armour upsizes and prices $440 million of convertible notes that mature in 2024 [MarketWatch]
Under Armour, Inc. Class C (UA)
Last under armour, inc. class c earnings: 2/11 06:55 am
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Source: MarketWatch
Under Armour Inc. said Friday it has upsized and priced a $440 million offering of senior convertible notes that mature in 2024. The athletic apparel maker originally planned to raise $400 million in the deal. The notes are being sold in a private offering and priced at an interest rate of 1.5% a year. The notes can be settled in shares of class C common stock, cash or a combination of the two, at Under Armour's discretion. Proceeds will be used to cover the cost of capped call transaction that will minimize the dilutive impact of conversion, and to repay debt. Shares were up 0.8% premarket but have fallen 606% in the year to date, while the S&P 500 has fallen 9%.
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