NIKE, Inc. (NKE): debt financing — Nike enters new $3B in credit facilities; replaces prior agreements

NIKE, Inc.

New 364-day unsecured revolving facility: up to $1B, matures March 6, 2026.
New five-year unsecured revolving facility: up to $2B, matures March 7, 2030 (extendable to 2032).
Prior 364-day ($1B) and five-year ($2B) facilities terminated; no amounts outstanding.
No financial covenants; available for working capital and commercial paper support.
Interest rates based on SOFR plus margin tied to credit ratings (0.345%–0.690%).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NIKE, Inc. incurred revolving credit of up to $1 billion with Bank of America, N.A., as administrative agent, and the other financial institutions named therein as lenders at Term SOFR plus 0.10% plus an applicable margin maturing March 6, 2026.

Instrument: revolving credit
Principal: up to $1 billion
Counterparty: Bank of America, N.A., as administrative agent, and the other financial institutions named therein as lenders
Rate: Term SOFR plus 0.10% plus an applicable margin
Maturity: March 6, 2026
Event: incurrence

Exact text from the filing

N.A., as administrative agent, and the other financial institutions named therein as lenders (the “364‐Day Credit Agreement”). The 364‐Day Credit Agreement provides for up to $1 billion of borrowings pursuant to a 364-day unsecured revolving credit facility (the “364‐Day Credit Facility”), which is available for working capital and general corporate purposes,

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NIKE, Inc. incurred revolving credit of up to $2 billion with Bank of America, N.A., as administrative agent, and the other financial institutions named therein as lenders at Term SOFR plus 0.10% plus an applicable margin maturing March 7, 2030.

Instrument: revolving credit
Principal: up to $2 billion
Counterparty: Bank of America, N.A., as administrative agent, and the other financial institutions named therein as lenders
Rate: Term SOFR plus 0.10% plus an applicable margin
Maturity: March 7, 2030
Event: incurrence

Exact text from the filing

as administrative agent, and the other financial institutions named therein as lenders (the “Five Year Credit Agreement”). The Five Year Credit Agreement provides for up to $2 billion of borrowings pursuant to an unsecured revolving credit facility (the “Five Year Credit Facility”), which is available for working capital and general corporate purposes,

View on SEC.gov

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NIKE, Inc. filing history →

Source: SEC EDGAR

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