Item 1.01 Entry into a Material Definitive Agreement



On March 15, 2021, NIKE, Inc. (the "Company") entered into a Credit Agreement
with Bank of America, N.A., as administrative agent, and the other financial
institutions named therein as lenders (the "Credit Agreement"). The Credit
Agreement provides for up to $1 billion of borrowings pursuant to a 364-day
unsecured revolving credit facility (the "Credit Facility"), which is available
for working capital and general corporate purposes, including supporting the
issuance of commercial paper. In addition to loans in U.S. Dollars, borrowings
under the Credit Facility will be available in Canadian Dollar, Euro, Sterling,
Yen and any other currency that is freely convertible into U.S. Dollars and
agreed to by the administrative agent and the then existing lenders. The Credit
Facility matures on March 14, 2022.

The Company may, upon the agreement of either the then existing lenders or of
additional banks not currently party to the Credit Agreement, increase the
commitments under the Credit Facility to up to $1,500,000,000. The Company may
also request renewal of the Credit Facility for an additional 364-day period or
convert any amounts outstanding into a term loan for a period of up to one year,
which term loan would mature no later than the anniversary of the then effective
termination date.

Borrowings under the Credit Facility will bear interest, at the Company's
option, at either (a) LIBOR plus an applicable margin or (b) a base rate defined
as the highest of (i) the Bank of America "prime rate", (ii) the federal funds
effective rate plus 0.50% and (iii) the one month LIBOR plus 1.00%. The
applicable margin for LIBOR loans will range from 0.355% to 0.690% based on the
public ratings of the Company's long-term, senior unsecured, non-credit enhanced
indebtedness for borrowed money. The Company may select interest periods of 1, 3
or 6 months for LIBOR loans, subject to availability. Interest shall be payable
at the end of the selected interest period, but no less frequently than
quarterly.

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; and use proceeds of
loans under the Credit Facility. The Credit Agreement does not include any
financial covenants.

The description of the Credit Agreement is qualified in its entirety by the copy thereof which is attached as Exhibit 10.1 and incorporated herein by reference.

Item 1.02 Termination of a Material Definitive Agreement



On March 15, 2021, concurrently with the Company's entry into the Credit
Agreement described in Item 1.01 hereof, the Company terminated the existing
Credit Agreement dated April 6, 2020, which provided for up to $2.0 billion of
borrowings in U.S. Dollars pursuant to a 364-day unsecured revolving credit
facility, with the banks, financial institutions and other lenders signatory
thereto (the "Prior Credit Agreement"). The Prior Credit Agreement contained
covenants that, among other things, limited or restricted 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 Prior Credit Agreement. The Prior Credit Agreement
did not include any financial covenants. No amounts were outstanding under this
facility as of March 15, 2021. The Prior Credit Agreement would have expired in
April 2021.

Item 2.02 Results of Operations and Financial Condition On March 18, 2021, the Company issued a press release disclosing financial results for the fiscal quarter ended February 28, 2021. The text of the release is furnished herewith as Exhibit 99.1.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under and Off-Balance Sheet Arrangement

The information contained in Item 1.01 of this current report on Form 8-K is by this reference incorporated in this Item 2.03.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

The following exhibits are furnished with this Form 8-K:

--------------------------------------------------------------------------------



      Exhibit No.                                                Exhibit
          10.1                    Credit Agreement dated as of March 15,

2021, among NIKE, Inc., 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, N.A., as

Co-Documentation Agents, and the other Banks


                                named therein
          99.1                    NIKE, Inc. Press Release dated March 18, 2021
          104                   Cover Page Interactive Data File (embedded within the Inline XBRL
                                document)

© Edgar Online, source Glimpses