secwatch.observer — SEC 8-K summary
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Issuer:     CUMMINS INC (CMI)
CIK:        0000026172
Form:       8-K
Filed at:   2022-08-19T23:59:59+00:00
Accession:  0001104659-22-092951
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/26172/000110465922092951/0001104659-22-092951-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/26172/000110465922092951/tm2224159d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-092951

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