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Cummins restates five-year credit agreement, 364-day revolver
Chicago, Aug. 18 – Cummins Inc. amended and restated two credit agreement on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
The company amended and restated its $2 billion credit agreement for a five-year facility with JPMorgan Chase Bank, NA as administrative agent.
The facility has an Aug. 18, 2026 maturity date. At any time until the maturity date Cummins may obtain revolving and swingline loans and letters of credit.
The commitment fee will range between 4 basis points and 9 bps.
The margin over the benchmark will vary between 50 bps and 100 bps.
There is a $1 billion accordion feature.
The facility modifies the Aug. 22, 2018 agreement.
Also on Wednesday, the company amended its 364-day revolver with JPMorgan again as administrative agent.
The company may obtain revolving and swinging loans under the facility up to $1.5 billion at any time before Aug. 17, 2022.
There is a term-out option on the 364-day facility whereby Cummins can convert the revolving loans into term loans with a maturity one year beyond the 2022 commitment termination date, with a fee of 0.5% for any borrowings converted to term loans.
There is also a $750 million accordion feature.
The commitment fee will range between 15 bps and 65 bps.
The margin will vary between 50 bps and 100 bps.
For both facilities, Bank of America, NA is the syndication agent and swingline lender.
Citibank, NA, HSBC Bank USA, NA and ING Bank NV, Dublin Branch are documentation agents and swingline lenders.
Joint bookrunners and joint lead arrangers are JPMorgan, BofA Securities, Inc., Citibank, HSBC Securities (USA) Inc. and ING.
Cummins is a Columbus, Ind.-based company that designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products.
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