Nike Inc.
NIKE, Inc. Announces New Credit Agreement
Summary
On March 8, 2024, NIKE, Inc. entered into a new $1.0 billion 364-Day Credit Facility with Bank of America, N.A., replacing its prior $1.0 billion Credit Agreement dated March 10, 2023. The new facility provides for working capital and general corporate purposes and allows for interest rates based on Term SOFR plus a margin or the Bank of America prime rate. Additionally, NIKE may increase the facility to $1.5 billion and request renewals or convert to term loans. The new Credit Agreement includes covenants but no financial covenants.
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About Nike Inc.
Nike Inc. is a global leader in the design, development, and marketing of athletic footwear, apparel, equipment, and accessories. As a major player in the sports and lifestyle industries, Nike's primary function is to provide high-performance athletic gear that enhances athletic pursuits across various disciplines, including running, basketball, soccer, and tennis, among others. Noteworthy for its innovative product line, Nike consistently pushes the boundaries of sports technology, offering products like the Air Max and Flyknit shoes that integrate advanced materials and design for optimal performance. Beyond physical products, Nike is heavily involved in digital transformation efforts, delivering enhanced experiences through platforms like the Nike Training Club and Nike App. Serving a diverse customer base from professional athletes to everyday fitness enthusiasts, the company maintains a significant presence worldwide. With headquarters in Beaverton, Oregon, Nike also sponsors prominent sports teams and figures, reinforcing its influence on global sports culture.
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