secwatch.observer — SEC 8-K summary
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Issuer:     CUMMINS INC (CMI)
CIK:        0000026172
Form:       8-K
Filed at:   2022-10-05T23:59:59+00:00
Accession:  0001104659-22-106304
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/26172/000110465922106304/0001104659-22-106304-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/26172/000110465922106304/tm2227273d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-106304

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