Under Armour 2014 Annual Report Download - page 74

the revolving credit facility, a ticking fee on the undrawn amounts under the delayed draw term loan and certai
n
f
ees with res
p
ect to letters of credit. As of December 31, 2014, the commitment fee was 12.
5
basis
p
oints
.
The Company used
$
100.0 million of the proceeds from the
$
150.0 million loan to repay the
$
100.0 million
o
utstanding under the Company’s prior revolving credit facility. The Company incurred and capitalized
$
1.7 million in deferred financing costs in connection with the credit facility.
Ot
h
er Lon
g
Term De
b
t
T
h
e Compan
yh
as
l
on
g
term
d
e
b
ta
g
reements w
i
t
h
var
i
ous
l
en
d
ers to
fi
nance t
h
e acqu
i
s
i
t
i
on or
l
ease o
f
qua
lifyi
n
g
cap
i
ta
li
nvestments. Loans un
d
er t
h
ese a
g
reements are co
ll
atera
li
ze
dby
a
fi
rst
li
en on t
h
ere
l
ate
d
assets acqu
i
re
d
. At Decem
b
er 31, 2014, 2013 an
d
2012, t
h
e outstan
di
n
g
pr
i
nc
i
pa
lb
a
l
ance un
d
er t
h
ese a
g
reements
was $2.0 million, $4.9 million and $11.9 million, respectivel
y
. Currentl
y
, advances under these a
g
reements bea
r
i
nterest rates w
hi
c
h
are
fi
xe
d
at t
h
et
i
me o
f
eac
h
a
d
vance. T
h
ewe
igh
te
d
avera
g
e
i
nterest rates on outstan
di
n
g
b
orrow
i
n
g
s were 3.1%, 3.3% an
d
3.7%
f
or t
h
e
y
ears en
d
e
d
Decem
b
er 31, 2014, 2013 an
d
2012, respect
i
ve
ly
.
I
n December 2012, the Compan
y
entered into a $50.0 million recourse loan collateralized b
y
the land,
b
u
ildi
n
g
san
d
tenant
i
mprovements compr
i
s
i
n
g
t
h
e Compan
y
’s corporate
h
ea
d
quarters. T
h
e
l
oan
h
as a seven
y
ear
term and maturit
y
date of December 2019. The loan bears interest at one month LIBOR plus a mar
g
in of 1.50%,
an
d
a
ll
ows
f
or prepa
y
ment w
i
t
h
out pena
l
t
y
.T
h
e
l
oan
i
nc
l
u
d
es covenants an
d
events o
fd
e
f
au
l
tsu
b
stant
i
a
lly
cons
i
stent w
i
t
h
t
h
e new cre
di
ta
g
reement
di
scusse
d
a
b
ove. T
h
e
l
oan a
l
so requ
i
res pr
i
or approva
l
o
f
t
h
e
l
en
d
er
f
or
certa
i
n matters re
l
ate
d
to t
h
e propert
y
,
i
nc
l
u
di
n
g
trans
f
ers o
f
an
yi
nterest
i
nt
h
e propert
y
.Aso
f
Decem
b
er 31
,
2014, 2013 and 2012, the outstandin
g
balance on the loan was $46.0 million, $48.0 million and $50.0 million,
r
espect
i
ve
ly
.T
h
ewe
igh
te
d
avera
g
e
i
nterest rate on t
h
e
l
oan was 1.7%
f
or t
h
e
y
ears en
d
e
d
Decem
b
er 31, 2014
,
2
0
1
3
an
d
2
0
12.
T
h
e
f
o
ll
ow
i
n
g
are t
h
esc
h
e
d
u
l
e
d
matur
i
t
i
es o
fl
on
g
term
d
e
b
taso
f
Decem
b
er 31, 2014:
(
In t
h
ousan
d
s
)
2
015
$
28,95
1
2
01
6
27,00
0
201
7
2
7
,000
2018 2
7,
000
2
019 138,25
0
2
020 and thereafter 36
,
000
Tota
l
sc
h
e
d
u
l
e
d
matur
i
t
i
es o
fl
ong term
d
e
b
t 284,201
L
ess current maturities of long term debt (28,9
5
1)
Long term debt obligations
$
255,250
I
nterest expense, net was
$
5.3 million,
$
2.9 million and
$
5.2 million for the years ended December 31,
2014, 2013 and 2012, respectively. Interest expense includes the amortization of deferred financing costs an
d
interest expense under the credit and long term debt facilities.
The Company monitors the financial health and stability of its lenders under the credit and other long term
debt facilities, however during any period of significant instability in the credit markets lenders could be
negatively impacted in their ability to perform under these facilities.
7
. Commitments and Contin
g
encie
s
O
bl
i
g
ations Un
d
er Operatin
g
Lease
s
The Company leases warehouse space, office facilities, space for its brand and factory house stores and
certain equipment under non-cancelable operating leases. The leases expire at various dates through 2028
,
64