Cummins amends and restates $2 billion 364-day revolver

Chicago, June 7 – Cummins Inc. amended and restated its 364-day revolving credit agreement on June 5, according to an 8-K filing with the Securities and Exchange Commission.

The commitment termination date is June 3, 2024. Potentially, Cummins may ask the administrative agent to convert any outstanding revolving borrowings on the commitment termination date into one-year term loans for a 50 basis points fee.

The pricing grid, in five parts, is SOFR plus 45 bps to 87.5 bps. The commitment fee is 1.5 bps to 5 bps.

There is a $1 billion accordion, subject to lender consent.

The amended and restated agreement replaces Cummins’ $1.5 billion incremental credit agreement from Aug. 17, 2022.

JPMorgan Chase bank, NA, BofA Securities, Inc., Citibank, NA, HSBC Securities (USA) Inc. and ING Bank NV, Dublin Branch are the joint bookrunners and joint lead arrangers.

JPMorgan Chase Bank, NA is the administrative agent.

Bank of America, NA is the syndication agent.

Citibank, NA, HSBC Bank USA, NA and ING Bank NV, Dublin Branch are the documentation agents.

Cummins is a Columbus, Ind.-based company that designs, manufactures and distributes engines, filtration, and power generation products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.