Cummins said on June 3, 2024 that it entered into a Second Amended and Restated Credit Agreement (the 5-Year Credit Agreement) with JPMorgan Chase Bank, N.A. as administrative agent. The agreement matures on June 3, 2029, and borrowers may obtain revolving and swingline loans and letters of credit of up to $2.0 billion in the aggregate outstanding at any time before maturity.

1. 01

   Cummins said on June 3, 2024 that it entered into a Second Amended and Restated Credit Agreement (the 5-Year Credit Agreement) with JPMorgan Chase Bank, N.A. as administrative agent. The agreement matures on June 3, 2029, and borrowers may obtain revolving and swingline loans and letters of credit of up to $2.0 billion in the aggregate outstanding at any time before maturity.

2. 02

   The company also entered into a Sixth Amended and Restated 364-Day Credit Agreement on June 3, 2024. It said borrowers may draw up to $2.0 billion in the aggregate outstanding at any time before June 2, 2025, and that a fee of 0.5% of the principal amount of revolving loans converted into term loans under the Term-Out Option will be payable.

3. 03

   Cummins said the borrowings under the Credit Agreements will not be secured by liens on any assets of the company or its subsidiaries, and that the company will guarantee all borrowings by subsidiary borrowers. It also said it may request increases of up to $1.0 billion for each agreement, subject to certain conditions.

4. 04

   Cummins said its senior unsecured long-term debt is rated A2 by Moody's and A by Standard & Poor's, which results in an Applicable Rate of 0.75% under the 364-Day Credit Agreement and 0.875% under the 5-Year Credit Agreement. The company also said the ratio of consolidated net debt to consolidated total capital must not be greater than 0.65:1 as of the last day of each fiscal quarter.

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Original filing

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