NIKE, Inc. 8-K

What Happened NIKE, Inc. filed an 8‑K on March 9, 2026 disclosing that on March 6, 2026 it entered into a 364‑Day Credit Agreement with Bank of America, N.A. as administrative agent and a syndicate of lenders. The agreement establishes an unsecured revolving credit facility providing up to $1.0 billion for working capital and general corporate purposes (including support for commercial paper) and replaces the prior 364‑day facility, which was terminated concurrently.

Key Details

• Facility size: up to $1.0 billion initially, with the option to increase commitments to up to $1.5 billion with lender consent.
• Maturity: March 5, 2027 (364‑day facility); Company may request a one‑year renewal or convert outstanding amounts into a term loan (maturity no later than the then‑effective termination anniversary).
• Pricing & terms: U.S. dollar borrowings at borrower’s option of (a) Term SOFR + 0.595% or (b) a defined base rate (the higher of prime, fed funds + 0.50%, or 1‑month Term SOFR + 1.00%); interest periods of 1, 3 or 6 months, payable at period end (no less frequently than quarterly).
• Borrower/guarantee: NIKE, Inc. is the sole borrower as of March 6, 2026; the agreement allows adding subsidiaries as borrowers (NIKE would guarantee any such subsidiary obligations). The agreement includes customary covenants (limits on liens, certain M&A/dispositions) but contains no financial covenants.

Why It Matters This facility provides NIKE with near‑term liquidity and a committed backstop for its commercial paper program and other corporate needs, improving short‑term funding flexibility. The relatively low SOFR margin (0.595%) keeps borrowing costs modest if drawn, and the absence of financial covenants reduces the risk of covenant‑related defaults. Conversely, the short 364‑day maturity means the company will need to refinance, renew, or repay the facility by March 2027, so investors should watch how NIKE manages its cash, commercial paper usage, and any future amendments or renewals.