Summary
NIKE, Inc. (NKE) has announced the entry into a new $1.0 billion 364-day unsecured revolving credit facility, effective March 8, 2024. This facility, provided by Bank of America, N.A. as administrative agent and other lenders, is intended for general corporate purposes, including working capital and supporting commercial paper issuances. The facility offers flexibility with potential for up to $1.5 billion in commitments and can be used in various freely convertible currencies. This move coincides with the termination of a similar prior credit facility which expired on March 8, 2024, with no outstanding borrowings.
Key Highlights
- 1NIKE entered into a new $1.0 billion 364-day unsecured revolving credit facility.
- 2The facility is primarily for working capital and general corporate purposes, including commercial paper support.
- 3The credit facility allows for potential expansion of commitments up to $1.5 billion.
- 4Borrowings can be made in U.S. Dollars and other freely convertible currencies.
- 5The new facility replaces a prior 364-day credit agreement that expired on March 8, 2024.
- 6There were no outstanding borrowings under the prior credit facility at the time of its termination.
- 7The new agreement does not contain any financial covenants.