secwatch.observer — SEC 8-K summary
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Issuer:     ILLINOIS TOOL WORKS INC (ITW)
CIK:        0000049826
Form:       8-K
Filed at:   2022-10-26T23:59:59+00:00
Accession:  0000049826-22-000057
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ITW enters $3.0B five-year credit facility, replaces prior facility due 2024
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- Entered $3.0B five-year credit facility with JPMorgan as agent, Citibank as syndication agent, effective Oct 21, 2022.
- No amounts outstanding under new or replaced facility; prior facility (Sept 2019) terminated.
- Unused commitment fee 0.045%-0.09% and applicable margin 0.625%-1.00%, both based on credit rating.
- Company may request increase to $5.0B total at lenders' discretion.
- Key covenant: Interest Coverage Ratio must not be less than 3.5x.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/49826/000004982622000057/0000049826-22-000057-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/49826/000004982622000057/itw-20221021.htm
  HTML page:      https://secwatch.observer/filing/0000049826-22-000057

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