3M CO (MMM): debt financing — 3M enters new $4.25B five-year revolving credit facility, replaces prior $3B and $1.25B facilities

3M CO

New $4.25B unsecured five-year revolving credit facility dated May 11, 2023, with JPMorgan as administrative agent.
Replaces $3.0B five-year facility (Nov 2019) and $1.25B 364-day facility (Nov 2022); both terminated.
Facility fee of 0.04% per annum on unused commitments; interest margin 0.625% for term benchmark advances (SOFR+0.10%+0.625%).
Company may request increase up to $5.25B and extension up to two additional one-year periods, subject to lender consent.
Covenant requires EBITDA/Interest ratio not less than 3.0 to 1.0 quarterly.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

3M CO incurred revolving credit of $4.25 billion with JPMorgan Chase Bank, N.A. as administrative agent, Citibank, N.A. as syndication agent, Deutsche Bank Securities Inc. and Bank of America, N.A. as documentation agents, and a syndicate of lenders at 0.04% per annum on unused commitments maturing fifth anniversary of the Effective Date.

Instrument: revolving credit
Principal: $4.25 billion
Counterparty: JPMorgan Chase Bank, N.A. as administrative agent, Citibank, N.A. as syndication agent, Deutsche Bank Securities Inc. and Bank of America, N.A. as documentation agents, and a syndicate of lenders
Rate: 0.04% per annum on unused commitments
Maturity: fifth anniversary of the Effective Date
Event: incurrence

Exact text from the filing

On May 11, 2023 (the “Effective Date”), 3M Company (the “Company”) entered into a new $4.25 billion five-year revolving credit agreement (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent, Citibank, N.A. as syndication agent, Deutsche Bank Securities Inc. and Bank of America, N.A. as documentation agents, and a syndicate of lenders as defined in the Facility.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

3M CO entered into Facility with JPMorgan Chase Bank, N.A., Citibank, N.A., Deutsche Bank Securities Inc., Bank of America, N.A., and a syndicate of lenders valued at $4.25 billion (effective 2023-05-11).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., Citibank, N.A., Deutsche Bank Securities Inc., Bank of America, N.A., and a syndicate of lenders
Value: $4.25 billion
Effective: 2023-05-11

Exact text from the filing

On May 11, 2023 (the “Effective Date”), 3M Company (the “Company”) entered into a new $4.25 billion five-year revolving credit agreement (the “Facility”) with JPMorgan Chase Bank, N.A. as administrative agent, Citibank, N.A. as syndication agent, Deutsche Bank Securities Inc. and Bank of America, N.A. as documentation agents, and a syndicate of lenders as defined in the Facility.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

3M CO terminated Former Facilities (effective 2023-05-11).

Action: termination
Agreement: credit facility
Effective: 2023-05-11

Exact text from the filing

as administrative agent, as well as the $1.25 billion, 364-day credit agreement (the “Former 364-Day Facility” and, together with the Former Revolving Facility, the “Former Facilities”) dated as of November 10, 2022, among the Company, the lenders named therein and JPMorgan Chase Bank, N.A.

View on SEC.gov

10 debt financings filed in the last 30 days. Browse all debt financings →

3M CO filing history →

Source: SEC EDGAR

accession 0000066740-23-000037

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