3M closes on $150 million letter-of-credit facility due 2014 with HSBC

By Marisa Wong

Madison, Wis., Aug. 27 - 3M Co. entered into a $150 million bilateral letter-of-credit agreement with HSBC Bank USA, NA on Aug. 23, according to an 8-K filing with the Securities and Exchange Commission.

The default interest rate is 2%.

The termination date for the facility is Aug. 23, 2014.

The credit agreement contains a covenant requiring the company to maintain an EBITDA to interest ratio as of the end of each quarter of not less than 3 to 1.

3M is a St. Paul-based conglomerate.

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