debt
confidence high
sentiment neutral
materiality 0.60
Cummins issues $2B in three tranches of senior notes due 2028, 2031, 2035
CUMMINS INC
- $300M 4.250% Senior Notes due 2028, $700M 4.700% due 2031, $1B 5.300% due 2035.
- Net proceeds for general corporate purposes, including refinancing existing debt.
- Interest payable semi-annually; first payments Nov 9, 2025 (2028 & 2035) and Feb 15, 2026 (2031).
- Notes redeemable at any time with make-whole premium before one month (2028/2031) or three months (2035) prior to maturity.
- Customary events of default; acceleration possible by holders of 25% principal or upon certain bankruptcy events.