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NIKE, Inc. — Capital/Financing Update 2020
Mar 25, 2020
29865_rns_2020-03-25_d16d2566-2adc-4574-807c-c954789b32e9.zip
Capital/Financing Update
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Filed pursuant to Rule 433
Registration No. 333-232770
Issuer Free Writing Prospectus dated March 25, 2020
Relating to Preliminary Prospectus Supplement dated March 25, 2020
NIKE, Inc.
Pricing Term Sheet
| Issuer: | NIKE, Inc. |
|---|---|
| Format: | SEC Registered |
| Trade Date: | March 25, 2020 |
| Settlement Date (T+2): | March 27, 2020 |
| Expected Ratings*: | A1 / AA-, Moodys / S&P |
| Joint Book-Running Managers: | BofA Securities, Inc. Citigroup Global Markets Inc. Goldman Sachs & Co. LLC J.P. Morgan Securities LLC. |
| Co-Managers: | RBC Capital Markets, LLC Standard Chartered Bank Academy Securities, Inc. Loop Capital Markets LLC Multi-Bank Securities, Inc. |
2.400% Notes due 2025
| Securities: | 2.400% Notes Due 2025 |
|---|---|
| Principal Amount: | $1,000,000,000 |
| Maturity Date: | March 27, 2025 |
| Coupon: | 2.400% |
| Price to Public: | 99.864% |
| Yield to Maturity: | 2.429% |
| Spread to Benchmark Treasury: | T + 190 basis points |
| Benchmark Treasury: | UST 1.125% due February 28, 2025 |
| Benchmark Treasury Price and Yield: | 102-28 3/4 ; 0.529% |
| Interest Payment Dates: | March 27 and September 27, starting September 27, 2020 |
| Make-Whole Call: | T + 30 basis points prior to February 27, 2025 |
| Par Call: | On or after February 27, 2025 |
| CUSIP# / ISIN#: | 654106 AH6 / US654106AH65 |
2.750% Notes due 2027
| Securities: | 2.750% Notes Due 2027 |
|---|---|
| Principal Amount: | $1,000,000,000 |
| Maturity Date: | March 27, 2027 |
| Coupon: | 2.750% |
| Price to Public: | 99.987% |
| Yield to Maturity: | 2.752% |
| Spread to Benchmark Treasury: | T + 200 basis points |
| Benchmark Treasury: | UST 1.125% due February 28, 2027 |
| Benchmark Treasury Price and Yield: | 102-16+ ; 0.752% |
| Interest Payment Dates: | March 27 and September 27, starting September 27, 2020 |
| Make-Whole Call: | T + 30 basis points prior to January 27, 2027 |
| Par Call: | On or after January 27, 2027 |
| CUSIP# / ISIN#: | 654106 AJ2 / US654106AJ22 |
2.850% Notes due 2030
| Securities: | 2.850% Notes Due 2030 |
|---|---|
| Principal Amount: | $1,500,000,000 |
| Maturity Date: | March 27, 2030 |
| Coupon: | 2.850% |
| Price to Public: | 99.853% |
| Yield to Maturity: | 2.867% |
| Spread to Benchmark Treasury: | T + 200 basis points |
| Benchmark Treasury: | UST 1.500% due February 15, 2030 |
| Benchmark Treasury Price and Yield: | 105-31+ ; 0.867% |
| Interest Payment Dates: | March 27 and September 27, starting September 27, 2020 |
| Make-Whole Call: | T + 30 basis points prior to December 27, 2029 |
| Par Call: | On or after December 27, 2029 |
| CUSIP# / ISIN#: | 654106 AK9 / US654106AK94 |
3.250%Notes due 2040
| Securities: | 3.250% Notes Due 2040 |
|---|---|
| Principal Amount: | $1,000,000,000 |
| Maturity Date: | March 27, 2040 |
| Coupon: | 3.250% |
| Price to Public: | 99.374% |
| Yield to Maturity: | 3.293% |
| Spread to Benchmark Treasury: | T + 180 basis points |
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| Benchmark Treasury: | UST 2.375% due November 15, 2049 |
|---|---|
| Benchmark Treasury Price and Yield: | 121-02 ; 1.493% |
| Interest Payment Dates: | March 27 and September 27, starting September 27, 2020 |
| Make-Whole Call: | T + 30 basis points prior to September 27, 2039 |
| Par Call: | On or after September 27, 2039 |
| CUSIP# / ISIN#: | 654106 AL7 / US654106AL77 |
3.375% Notes due 2050
| Securities: | 3.375% Notes Due 2050 |
|---|---|
| Principal Amount: | $1,500,000,000 |
| Maturity Date: | March 27, 2050 |
| Coupon: | 3.375% |
| Price to Public: | 99.663% |
| Yield to Maturity: | 3.393% |
| Spread to Benchmark Treasury: | T + 190 basis points |
| Benchmark Treasury: | UST 2.375% due November 15, 2049 |
| Benchmark Treasury Price and Yield: | 121-02 ; 1.493% |
| Interest Payment Dates: | March 27 and September 27, starting September 27, 2020 |
| Make-Whole Call: | T + 30 basis points prior to September 27, 2049 |
| Par Call: | On or after September 27, 2049 |
| CUSIP# / ISIN#: | 654106 AM5 / US654106AM50 |
*** A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.**
The issuer has filed a registration statement (including a prospectus) and a preliminary prospectus supplement with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and prospectus supplement if you request it by contacting BofA Securities, Inc. at (800) 294-1322 (toll-free), Citigroup Global Markets Inc. at (800) 831-9146 (toll-free), Goldman Sachs & Co. LLC at 1-866 471-2526 (toll-free) or J.P. Morgan Securities LLC toll-free at (212) 834-4533 (collect).
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