Cummins enters $2B in new 364-day credit facilities, transitions to SOFR

CUMMINS INC

Fourth Amended 364-Day Credit Agreement increases revolving capacity to $1.5B through August 2023.
Incremental 364-Day Credit Agreement adds $500M in revolving loans, total $2B available.
Amendment to 5-Year Credit Agreement replaces LIBOR with SOFR interest rate benchmarks.
Unsecured debt; financial covenant limits net debt to total capital at 0.65:1.
Based on A2/A+ ratings, applicable spread on new facilities is 0.625% for benchmark loans.

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