Cummins renews $4B revolving credit facilities; 5-year to 2030, 3-year to 2028

CUMMINS INC

New 5-Year Credit Agreement allows up to $2.0B in revolving loans, swingline loans, letters of credit; matures June 2, 2030.
New 3-Year Credit Agreement also $2.0B facility; matures June 2, 2028, replacing expired 364-day facility.
Interest rates tied to Alternate Base Rate, Term SOFR, EURIBOR; Applicable Rate currently 0.75% given A2/A ratings.
Covenant requires consolidated net debt to total capital ratio not to exceed 0.65:1.
Borrowings unsecured; Company guarantees subsidiary loans; each facility can be increased by up to $1.0B if conditions met.

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