3M amends credit agreement to accommodate $6.01B earplug settlement charges

3M CO

Amendment to $4.25B revolving credit agreement allows add-back of CAE settlement charges for EBITDA calculation.
CAE settlement total $6.01B: $5.01B cash + $1B in 3M common stock, payable 2023-2029.
EBITDA covenant remains at 3.0:1; amendment ensures compliance after $6B settlement charges.
Amendment effective September 18, 2023; required banks consented.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

3M CO amended Amendment No. 2 to the Credit Agreement 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 valued at $4.25 billion five-year revolving credit agreement (effective 2023-09-18).

Action: amendment
Agreement: credit facility
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
Value: $4.25 billion five-year revolving credit agreement
Effective: 2023-09-18

Exact text from the filing

On September 18, 2023, 3M Company (the "Company") entered into Amendment No. 2 to the Credit Agreement (the "Amendment"), amending the Company’s $4.25 billion five-year revolving credit agreement, dated May 11, 2023 (as amended from time to time, the "Credit Agreement"), 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 party thereto.

View on SEC.gov

38 material agreements filed in the last 30 days. Browse all material agreements →

3M CO filing history →

Source: SEC EDGAR

accession 0000066740-23-000076

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.