Illinois Tool Works said on February 20, 2026 that it entered into a $3.0 billion five-year credit agreement with JPMorgan Chase Bank, N.A. as Agent. The new facility replaces its existing revolver, which was scheduled to terminate on October 21, 2027. The company said no amounts were outstanding under either facility as of February 20, 2026. The agreement carries 5-year maturity terms.

1. 01

   Illinois Tool Works said on February 20, 2026 that it entered into a $3.0 billion five-year credit agreement with JPMorgan Chase Bank, N.A. as Agent. The new facility replaces its existing revolver, which was scheduled to terminate on October 21, 2027. The company said no amounts were outstanding under either facility as of February 20, 2026. The agreement carries 5-year maturity terms.

2. 02

   The company said the applicable margin ranges from 0.625% to 1.00% depending on its credit rating. It said the recurring fee on the unused commitment amount ranges from 0.045% to 0.09%. U.S. dollar borrowings carry, at the company's option, a floating rate, a Term SOFR benchmark rate plus the applicable margin, or a competitive bid rate.

3. 03

   The Credit Agreement allows the company to request an increase in the total facility of up to $5.0 billion, with approval at the lenders' discretion. The company also said the agreement includes a financial covenant requiring it to maintain a minimum interest coverage ratio.

4. 04

   The company said that in connection with the new credit agreement signed on February 20, 2026, the existing credit agreement with JPMorgan Chase Bank, N.A. as Agent, as amended, dated October 21, 2022, was terminated. It also disclosed that some of the lenders and their affiliates have relationships with the company and its subsidiaries involving financial services, including cash management, investment banking, foreign exchange and trust services.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.