3M enters new $4.25B revolving credit facility, replacing prior agreement

3M CO

New $4.25B unsecured revolving credit facility with JPMorgan as admin agent, maturing Aug 2026+5 years.
Replaces $4.25B facility dated May 11, 2023; old commitments terminated on Aug 17, 2026.
Interest: Term SOFR/EURIBO + 0.625%-1.125% margin; Base Rate + 0.00%-0.125%; commitment fee 0.05%-0.11%.
Facility can be increased to $5.25B and extended by up to two one-year periods at lender discretion.
Covenant requires EBITDA-to-interest ratio of at least 3.0:1.0 quarterly.

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