Cummins subsidiaries enter $1B credit facility to finance filtration business spin-off

CUMMINS INC

$1B facility comprised of $400M revolver and $600M term loan, maturing Sept 30, 2027.
Borrowings only available upon public sale of filtration subsidiary shares; deal terminates if no sale by March 30, 2023.
Cummins Inc. initially guarantees obligations; guarantee ends if collateral and subsidiary guarantee conditions met.
Interest rates based on SOFR/EURIBOR plus margin: ABR 0.125%-0.750%, term benchmark 1.125%-1.750%.
Financial covenants: net leverage ≤ 4.00x (or 4.50x optional) and interest coverage ≥ 3.00x.

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