Sports apparel company Under Armour has taken out $325 million in financing, part of which will be used to help buy the Tide Point campus it will use as its headquarters campus, according to regulatory filings.
A portion of the loan — $25 million — will be used to pay for the waterfront Tide Point complex in Locust Point, according to a filing with the Securities and Exchange Commission.
The remaining $300 million of financing will be in the form of revolving credit, with the option to extend the credit limit to $350 million.
The company announced in January it was paying $60.5 million for the property, where it already occupies nearly half the development.
The acquisition of Tide Point is also expected to close by May 29, according to the regulatory filing.
The new financing replaces a $200 million revolving line of credit that Under Armour recently ended.
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