Cummins secures $2.0B delayed-draw term loan for Meritor acquisition and general corporate purposes

CUMMINS INC

Loan agreement with Wells Fargo as agent; single draw of up to $2.0B before Oct 13, 2022, maturity 3 years after funding.
Interest at SOFR + 0.55%-0.85% based on credit rating (current A2/A+ gives 0.70%) or prime-based alternative.
Unsecured; financial covenant requires net debt/total capital ≤ 0.65:1.
Proceeds for general corporate purposes and financing acquisition of Meritor, Inc.

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