Under Armour has obtained a revision to its credit agreement with JP Morgan Chase that reduces it required debt/Ebitda ratio but forces it to maintain a minimum liquidity of $450 million through the end of 2021. Also, the aggregate revolving credit facility has been cut from $1.25 billion to $1.10 billion, charging a slightly higher interest rate. The debt/Ebitda ratio required under its covenant gives UA a maximum leverage of 4.5 times through the third quarter of 2021, declining to 4.0X in the subsequent quarter and to 3.5X from 2022.

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