Cummins renews two credit facilities, each with up to $2.0 billion in borrowing capacity
On June 3, 2024, Cummins entered into a new 5-year credit agreement and a new 364-day credit agreement, each allowing borrowings of up to $2.0 billion outstanding at any time, with JPMorgan Chase Bank as administrative agent. Both agreements replace earlier versions, and the company will guarantee all borrowings by its subsidiary borrowers. The filing describes the agreements as a source of committed borrowing capacity and does not report any amount drawn.
Key points
- 5-year credit agreement allows up to $2.0 billion outstanding and matures June 3, 2029.
- 364-day credit agreement allows up to $2.0 billion outstanding until its Commitment Termination Date of June 2, 2025, with an option to convert revolving loans into term loans maturing one year later for a 0.5% fee.
- Each facility can be increased by up to $1.0 billion, subject to conditions including lender consent.
- Based on current A2 (Moody's) and A (S&P) senior unsecured ratings, the applicable rates would be 0.75% (364-day) and 0.875% (5-year), and a financial covenant caps the net debt to total capital ratio at 0.65:1.
The filing
Written by AI on Nov 8, 2026, 1:42 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on June 03, 2024.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.