Under Armour 2014 Annual Report Download - page 73

T
he following is the estimated amortization expense for the Company’s intangible assets as of December 31
,
2014
:
(
In t
h
ousan
d
s
)
2
015
$
7,86
2
2
01
66
,118
2
017 3,23
6
2018 2
,
0
7
4
2
019 1,9
66
2
020 and thereafter 2,1
5
6
Amortization expense of intan
g
ible assets
$
23,412
A
t Decem
b
er 31, 2014, 2013 an
d
2012, t
h
e Compan
yd
eterm
i
ne
d
t
h
at
i
ts
g
oo
d
w
ill
an
di
n
d
e
fi
n
i
te-
li
ve
d
i
ntan
gibl
e assets were not
i
mpa
i
re
d
.
6.
C
red
i
t Fac
i
l
i
ty and Long Term Deb
t
Cre
d
it Faci
l
ity
I
n May 2014, the Company entered into a new unsecured
$
650.0 million credit facility and terminated it
s
p
rior
$
325.0 million secured revolving credit facility. The credit agreement has a term of five years through Ma
y
2019, w
i
t
h
perm
i
tte
d
extens
i
ons un
d
er certa
i
nc
i
rcumstances. T
h
e cre
di
t agreement prov
id
es
f
or a comm
i
tte
d
r
evolving credit facility of
$
400.0 million, in addition to an aggregate term loan commitment of
$
250.0 million,
consisting of a
$
150.0 million term loan, drawn at the closing of the credit agreement, and
$
100.0 millio
n
d
e
l
aye
dd
raw term
l
oan
d
rawn
i
n Novem
b
er 2014
f
or genera
l
corporate purposes. At t
h
e Company’s request an
d
t
h
e
l
en
d
ers’ consent, t
h
e revo
l
v
i
ng cre
di
t
f
ac
ili
ty or term
l
oans may
b
e
i
ncrease
db
yuptoana
ddi
t
i
ona
l
$
150.0 million. Borrowings under the revolving credit facility may be made in U.S. Dollars, Euros, Pounds
Sterling, Japanese Yen and Canadian Dollars. Up to
$
50.0 million of the facility may be used for the issuance of
letters of credit and up to
$
50.0 million of the facility may be used for the issuance of swingline loans. There
were no s
i
gn
ifi
cant
l
etters o
f
cre
di
tan
d
no sw
i
ng
li
ne
l
oans outstan
di
ng as o
f
Decem
b
er 31, 2014.
T
h
e cre
di
t agreement conta
i
ns negat
i
ve covenants t
h
at, su
bj
ect to s
i
gn
ifi
cant except
i
ons,
li
m
i
tt
h
ea
bili
ty o
f
t
h
e Company an
di
ts su
b
s
idi
ar
i
es to, among ot
h
er t
hi
ngs,
i
ncur a
ddi
t
i
ona
li
n
d
e
b
te
d
ness, ma
k
e restr
i
cte
d
p
ayments, p
l
e
d
ge t
h
e
i
r assets as secur
i
ty, ma
k
e
i
nvestments,
l
oans, a
d
vances, guarantees an
d
acqu
i
s
i
t
i
ons
,
un
d
ergo
f
un
d
amenta
l
c
h
anges an
d
enter
i
nto transact
i
ons w
i
t
h
a
ffili
ates. T
h
e Company
i
sa
l
so requ
i
re
d
to
ma
i
nta
i
n a rat
i
oo
f
conso
lid
ate
d
EBITDA, as
d
e
fi
ne
di
nt
h
e cre
di
t agreement, to conso
lid
ate
di
nterest expense o
f
not less than 3.50 to 1.00 and is not permitted to allow the ratio of consolidated total indebtedness to consolidated
EBITDA to be greater than 3.25 to 1.00 (“consolidated leverage ratio”). As of December 31, 2014, the Company
was
i
n comp
li
ance w
i
t
h
t
h
ese rat
i
os. In a
ddi
t
i
on, t
h
e cre
di
t agreement conta
i
ns events o
fd
e
f
au
l
tt
h
at are
customary
f
or a
f
ac
ili
ty o
f
t
hi
s nature, an
di
nc
l
u
d
es a cross
d
e
f
au
l
t prov
i
s
i
on w
h
ere
b
y an event o
fd
e
f
au
l
tun
d
er
o
t
h
er mater
i
a
li
n
d
e
b
te
d
ness, as
d
e
fi
ne
di
nt
h
e cre
di
t agreement, w
ill b
e cons
id
ere
d
an event o
fd
e
f
au
l
tun
d
er t
h
e
cre
di
t agreement.
Borrow
i
ngs un
d
er t
h
e cre
di
t agreement
b
ear
i
nterest at a rate per annum equa
l
to, at t
h
e Company’s opt
i
on,
e
i
t
h
er (a) an a
l
ternate
b
ase rate, or (
b
) a rate
b
ase
d
on t
h
e rates app
li
ca
bl
e
f
or
d
epos
i
ts
i
nt
h
e
i
nter
b
an
k
mar
k
et
f
o
r
U
.S. Do
ll
ars or t
h
e app
li
ca
bl
e currency
i
nw
hi
c
h
t
h
e
l
oans are ma
d
e (“a
dj
uste
d
LIBOR”), p
l
us
i
n eac
h
case a
n
app
li
ca
bl
e marg
i
n. T
h
e app
li
ca
bl
e marg
i
n
f
or
l
oans w
ill b
ea
dj
uste
db
yre
f
erence to a gr
id
(t
h
e “Pr
i
c
i
ng Gr
id
”
)
based on the consolidated levera
g
e ratio and ran
g
es between 1.00% to 1.25% for ad
j
usted LIBOR loans and
0.00% to 0.25% for alternate base rate loans. The interest rate under both term loans was 1.2% durin
g
the
y
ear
en
d
e
d
Decem
b
er 31, 2014. No
b
a
l
ance was outstan
di
n
g
un
d
er t
h
e Compan
y
’s revo
l
v
i
n
g
cre
di
t
f
ac
ili
t
y
as o
f
Decem
b
er 31, 2014. A
ddi
t
i
ona
lly
,t
h
e Compan
y
pa
y
s a comm
i
tment
f
ee on t
h
e avera
g
e
d
a
ily
unuse
d
amount o
f
6
3