Cummins enters into restated $1.5 billion 364-day revolving facility

By Rebecca Melvin

New York, Aug. 25 – Cummins Inc. entered into a $1.5 billion 364-day amended and restated credit agreement on Aug. 19, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings may now be made in either revolving or swingline loans through Aug. 18, 2021.

The commitments may be increased by up to $750 million.

The credit agreement amends and restates Cummins’ 364-day credit agreement, previously amended and restated Aug. 21, 2019.

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

JPMorgan Chase is the administrative agent, with Bank of America, NA and ING Bank as syndication agents.

Citibank and HSBC Bank USA, NA are the documentation agents.

Interest is Libor plus a margin ranging from 50 basis points to 100 bps, and the commitment fee ranges from 1.5 bps to 6.5 bps, depending on the company’s credit ratings.

Proceeds may be used for general corporate purposes.

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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