3M 8-K
Debt financing
New five-year unsecured revolver replaces 3M’s prior facility, preserving borrowing capacity with options to expand or extend.
Filed 2026-08-19 08:03 ET
- 1.01 Entry into a Material Agreement
- 1.02 Termination of a Material Agreement
- 2.03 Creation of a Financial Obligation
Summary
A new unsecured $4.25B revolving credit facility replaced 3M’s former $4.25B revolver, which terminated on 8/17/2026. The new facility has a five-year term and provides borrowing capacity; the filing does not report any amounts drawn.
Key Figures
- Facility: $4.25B, with advances due at the fifth anniversary of the 8/17/2026 effective date. Interest margins depend on 3M’s credit rating: 0.625%–1.125% over Term SOFR or EURIBO, or 0.00%–0.125% over the U.S. dollar Base Rate.
- Unused commitment fee: 0.05%–0.11% annually, payable quarterly and based on 3M’s credit rating.
- 3M may request increases in $25M increments, up to a $5.25B total facility, and up to two additional one-year extensions, subject to lender discretion.
- Financial covenant: EBITDA to Interest Ratio of at least 3.0:1.0 at each quarter-end, measured over the preceding four consecutive quarters.
- After a change of control, lenders may give 30 days’ written notice to demand repayment of outstanding advances and terminate commitments.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3