UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 3, 2008
CUMMINS INC.
(Exact name of registrant as
specified in its charter)
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Indiana |
1-4949 |
35-0257090 |
500 Jackson Street
P. O. Box 3005
Columbus, IN 47202-3005
(Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code: (812) 377-5000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry into a
Material Definitive Agreement
On June 30, 2008, Cummins
Inc. (the "Company") and its wholly-owned subsidiaries Cummins Ltd., Cummins
Power Generation Ltd. and Cummins Generator Technologies Limited, as Borrowers,
entered into a revolving credit agreement (the " New Credit Agreement") with
the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent,
Issuing Bank and Swingline Lender, Bank of America, N.A., as Syndication Agent
and Swingline Lender, and ING Bank N.V., Dublin Branch and the Royal Bank of
Scotland plc., as Co-Documentation Agents.
Under the New Credit Agreement, which will mature on June 30, 2011, the Borrowers and Lenders may enter into revolving loans, and issuances of letters of credit subject to certain amount limitations, in an amount up to $1.1 billion in the aggregate outstanding at any time prior to maturity. These borrowings will not be secured with liens on any of the Company's or its subsidiaries' assets. The New Credit Agreement contains typical financial and other covenants.
Lenders party to the New Credit Agreement are:
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JPMorgan Chase Bank, N.A. |
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Bank of America, N.A. |
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ING Bank N.V., Dublin Branch |
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The Royal Bank of Scotland plc |
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Export Development Canada |
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HSBC Bank USA, N.A. |
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Deutsche Bank AG New York Branch |
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Fortis Capital Corp. |
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National City Bank |
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Standard Chartered |
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The Bank of Tokyo Mitsubishi UFJ, Ltd., New York Branch |
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The Northern Trust Company |
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UBS Loan Finance LLC |
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Banco Bilbao Vizcaya Argentaria, New York Branch |
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Banco Bradesco S.A. - New York Branch |
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Barclays Bank PLC |
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Citibank, N.A. |
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National Australia Bank Limited |
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The Bank of Nova Scotia |
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US Bank |
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William Street LLC (Goldman) |
There are no material relationships between the Company or its affiliates and any of the Lenders, other than as described above.
Item 1.02 Termination of a Material Definitive Agreement
On June 30, 2008, Cummins Inc. (the "Company") and its wholly-owned subsidiaries Cummins Engine Co. Ltd. (now known as Cummins Ltd.), Cummins Power Generation Ltd., and Newage International Limited (now known as Cummins Generator Technologies Limited), as Borrowers, terminated a revolving credit agreement (the " Old Credit Agreement"), dated as of December 1, 2004, among the Company and these subsidiaries, as Borrowers, the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Issuing Bank and Swingline Lender, Citicorp USA, Inc., as Syndication Agent, and Bank of America, N.A., The Bank of Nova Scotia and The Royal Bank of Scotland plc., as Co-Documentation Agents. The Old Credit Agreement would have expired on December 1, 2009, and was limited to aggregate borrowings thereunder of $650 million. The Old Credit Agreement contained typical financial and other covenants.
Lenders party to the Old Credit Agreement were:
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JPMorgan Chase Bank, N.A. |
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Citicorp USA, Inc. |
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Bank of America, N.A. |
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The Bank of Nova Scotia |
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The Royal Bank of Scotland plc. |
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The Bank of Tokyo-Mitsubishi Ltd., Chicago Branch |
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ING Capital LLC |
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SunTrust Banks, Inc. |
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Sumitomo Mitsui Banking Corporation |
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ABN AMRO Bank N.V. |
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Barclays PLC |
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Export Development Canada |
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Fifth Third Bancorp |
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Mizuho Corporate Bank, Ltd. |
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National Australia Bank Limited |
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Standard Chartered Bank |
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The Bank of New York |
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The Northern Trust Company |
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U.S. Bank National Association |
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National City Bank of Indiana |
There were no material relationships between the Company or its affiliates and any of the Lenders, other than as described above.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 3, 2008
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CUMMINS
INC. |
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/s/ Marsha L. Hunt Marsha
L. Hunt |