secwatch.observer — SEC 8-K summary
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Issuer:     CUMMINS INC (CMI)
CIK:        0000026172
Form:       8-K
Filed at:   2022-07-19T23:59:59+00:00
Accession:  0000026172-22-000036
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/26172/000002617222000036/0000026172-22-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/26172/000002617222000036/cmi-20220713.htm
  HTML page:      https://secwatch.observer/filing/0000026172-22-000036

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