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Nike launches $6B offering of senior unsecured notes

Footwear retailer Nike Inc. announced March 25 that it was offering a total of $6 billion of senior unsecured notes that are issued in five tranches.

The offering includes $1 billion of 2.4% notes due March 27, 2025, and $1 billion of 2.75% notes due March 27, 2027, as well as $1.5 billion of 2.85% notes due March 27, 2030. Nike is also offering $1 billion of 3.25% notes due March 27, 2040, and $1.5 billion of 3.375% notes due March 27, 2050.

The interest payment for all the notes will be March 27 and Sept. 27 of every year, starting on Sept. 27, 2020.

Nike said it will use net proceeds from the offering for general corporate purposes.

On the same day, S&P Global Ratings assigned its AA- issue-level rating on the company's proposed senior unsecured notes and anticipates the transaction to be leverage neutral.

The rating reflects Nike's position as the world's largest seller of athletic footwear and apparel, its significant scale, solid digital penetration, and strong geographic and channel diversification.

The agency expects the sportswear retailer's credit metrics to deteriorate in the first half of 2020 but still remain within the range of its current AA- long-term issuer credit rating.

Meanwhile, Moody's gave Nike's note offering an A1 rating. However, the rating agency changed its outlook on Nike to negative from stable due to the material increase in term debt amid the uncertainty surrounding the coronavirus outbreak.

The rating agency anticipates the retailer's revenue and earnings to take a hit from its store closures and reduced consumer spending caused by the pandemic.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.