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BofA Agents up to $2B Credit Agreement for NIKE

August 21, 2019, 08:40 AM
Filed Under: Consumer Products
Related: Bank of America

NIKE, Inc. entered into a Credit Agreement with Bank of America, N.A., as Administrative Agent, Citibank N.A., as Syndication Agent, Deutsche Bank Securities Inc., HSBC Bank USA, National Association and JPMorgan Chase Bank, N.A., as Co-Documentation Agents, and the other Banks named therein The Credit Agreement provides for up to $2.0 billion of borrowings in U.S. Dollars and other specified currencies to an unsecured revolving credit facility, including a $535 million sub-limit for swingline loans in Euros.

The revolving credit facility also includes an uncommitted option to expand the size of the facility by up to $1.0 billion.

As of August 16, 2019, the Company is the only borrower under the revolving credit facility. However, the Credit Agreement allows for the Company to designate additional subsidiary borrowers from time to time. In the event that any subsidiary of the Company becomes a borrower, the Company has agreed to provide an unconditional guarantee in respect of any such subsidiary’s obligations in relation with the revolving credit facility.

The Credit Agreement contains covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries to incur additional liens; engage in mergers, acquisitions and dispositions; engage in transactions with affiliates; and use proceeds of loans under the Credit Agreement. The Credit Agreement does not include any financial covenants.

The revolving credit facility provided in the Credit Agreement matures on August 16, 2024, with a one-year extension option prior to any anniversary of the closing date, provided that in no event shall it extend beyond August 16, 2026.

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