To further boost its liquidity, while reducing its annual interest payments by about $3.75 million, Under Armour is exchanging half of the $500 million in convertible senior notes that it issued last spring with cash and Class C common shares. The bonds being redeemed currently yield an annual interest of 1.50 percent. The price of the notes will be determined based on a volume-weighted average price per share over a specific period. The company will also terminate the offsetting capped-call transactions that were entered into when the notes were issued, receiving a cash settlement from the participating banks.

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