By Connor Hart
Nike has entered two new credit agreements with Bank of America, both of which will provide working capital and support general corporate purposes, including the issuance of commercial paper.
The sportswear company on Monday said it entered a 364-day credit agreement that provides for up to $1 billion of borrowings, as well as a five-year credit agreement that provides for up to $2 billion of borrowings. Both agreements went into effect on Friday, according to a filing with the Securities and Exchange Commission.
Nike's 364-day credit agreement is set to mature on March 6, 2026, at which time the company can increase the commitments under the facility to up to $1.5 billion, assuming mutual agreement with the lenders.
The company's five-year credit agreement is set to mature on March 7, 2030, though two one-year extensions may be granted. At the time of maturity, Nike can increase the commitments under the facility to up to $3 billion, again assuming mutual agreement with lenders.
Nike terminated prior 364-day and five-year credit agreements in order to enter its new deals.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
March 10, 2025 16:50 ET (20:50 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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