PNC Completes $200 Million Financing Package For Under Armour
PNC announces the completion of a $200 million revolving credit facility for Under Armour, a leading developer, marketer and distributor of branded performance apparel, footwear and accessories. In addition, PNC successfully led the syndication of this transaction with five other institutions.
Pittsburg, PA (PRWEB) April 20, 2009 -- PNC (NYSE: PNC) today announced the completion of a new three-year revolving credit facility for Under Armour,® a leading developer, marketer and distributor of branded performance apparel, footwear, and accessories, totaling $200 million. PNC successfully led the syndication of this transaction with five other financial institutions. The facility replaces Under Armour's previously existing $100 million facility. The transaction closed in the first quarter of 2009.
"Our ability to secure this new financing in the current environment is a testament to the strength of our brand and our balance sheet," said Brad Dickerson, chief financial officer of Under Armour, Inc. "In addition, this new credit facility diversifies our access to capital and enhances our risk management strategy with a broader banking syndicate."
PNC officially entered the greater Balitmore market in 2007 with the acquisition of Mercantile Bankshares Corporation, bringing with it the capacity to manage larger scale syndication transactions. PNC was ranked in 2008 as the No. 1 lead arranger of middle-market loan syndications in the U.S. based on number of deals, and ranked No. 2 based on loan volume, according to Loan Pricing Corporation.
"Under Armour placed its confidence in PNC to lead this important transaction," said Lou Cestello, PNC regional president, Greater Baltimore. "The investment will support the expansion and continued stability of a Maryland-based business that is a leading national brand."
Loans are provided by PNC Bank, National Association, a member of The PNC Financial Services Group, Inc. (www.pnc.com), one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.
For more information, contact Darcel Kimble, PNC Corporate Communications, at 410-237-5973.
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