M
ME NEWS
11 Mar 2025, 06:20
NIKE, Inc. Announces New Credit Agreements and Termination of Prior Facilities
Beaverton, OR – March 7, 2025 – NIKE, Inc. (NYSE: NKE) has entered into two new credit agreements to support its working capital and corporate financing strategies, replacing its prior agreements.
Key Highlights:
1. 364-Day Credit Facility
Total Facility: Up to $1 billion in unsecured revolving credit.
Purpose: General corporate use, including commercial paper issuance.
Borrowing Currencies: USD, CAD, EUR, GBP, JPY, and other freely convertible currencies.
Maturity Date: March 6, 2026 (with extension/conversion options).
Interest Rates:
Term SOFR + 0.10% + applicable margin (0.3575% - 0.690%).
Base rate alternative: Bank of America Prime Rate, Federal Funds Rate + 0.50%, or 1-month SOFR + 1.00%.
2. Five-Year Credit Facility
Total Facility: Up to $2 billion in unsecured revolving credit.
Purpose: General corporate use, including commercial paper issuance.
Borrowing Currencies: USD, CAD, EUR, GBP, JPY, and other freely convertible currencies.
Maturity Date: March 7, 2030 (extendable to March 7, 2032).
Interest Rates:
Term SOFR + 0.10% + applicable margin (0.345% - 0.680%).
Base rate alternative: Bank of America Prime Rate, Federal Funds Rate + 0.50%, or 1-month SOFR + 1.00%.
Termination of Prior Credit Agreements
1. 364-Day Credit Agreement (2024)
Replaced by the new facility.
Prior expiration date: March 7, 2025.
No outstanding balance at termination.
2. Five-Year Credit Agreement (2022, Amended 2024)
Replaced by the new facility.
Prior expiration date: March 2027.
No outstanding balance at termination.
Summary
NIKE has successfully renewed and expanded its credit facilities to ensure financial flexibility. These unsecured revolving credit agreements will support the company’s liquidity, growth strategies, and financial stability.
Beaverton, OR – March 7, 2025 – NIKE, Inc. (NYSE: NKE) has entered into two new credit agreements to support its working capital and corporate financing strategies, replacing its prior agreements.
Key Highlights:
1. 364-Day Credit Facility
Total Facility: Up to $1 billion in unsecured revolving credit.
Purpose: General corporate use, including commercial paper issuance.
Borrowing Currencies: USD, CAD, EUR, GBP, JPY, and other freely convertible currencies.
Maturity Date: March 6, 2026 (with extension/conversion options).
Interest Rates:
Term SOFR + 0.10% + applicable margin (0.3575% - 0.690%).
Base rate alternative: Bank of America Prime Rate, Federal Funds Rate + 0.50%, or 1-month SOFR + 1.00%.
2. Five-Year Credit Facility
Total Facility: Up to $2 billion in unsecured revolving credit.
Purpose: General corporate use, including commercial paper issuance.
Borrowing Currencies: USD, CAD, EUR, GBP, JPY, and other freely convertible currencies.
Maturity Date: March 7, 2030 (extendable to March 7, 2032).
Interest Rates:
Term SOFR + 0.10% + applicable margin (0.345% - 0.680%).
Base rate alternative: Bank of America Prime Rate, Federal Funds Rate + 0.50%, or 1-month SOFR + 1.00%.
Termination of Prior Credit Agreements
1. 364-Day Credit Agreement (2024)
Replaced by the new facility.
Prior expiration date: March 7, 2025.
No outstanding balance at termination.
2. Five-Year Credit Agreement (2022, Amended 2024)
Replaced by the new facility.
Prior expiration date: March 2027.
No outstanding balance at termination.
Summary
NIKE has successfully renewed and expanded its credit facilities to ensure financial flexibility. These unsecured revolving credit agreements will support the company’s liquidity, growth strategies, and financial stability.