UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

CUMMINS INC.

(Exact name of registrant as specified in its charter)

500 Jackson Street, P.O. Box 3005, Columbus, IN 47202-3005

(Address of principal executive offices, including zip code)

(812) 377-5000

(Registrant’s telephone number, including area code)

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:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

On August 21, 2019, Cummins Inc. (the “Company”) entered into an Amended and Restated 364-Day Credit Agreement (the “364-Day Credit Agreement”) by and among the Company, certain of its subsidiaries (together with the Company, the “Borrowers”), the lenders named therein, and JPMorgan Chase Bank, N.A., as administrative agent. Under the 364-Day Credit Agreement, the Borrowers may obtain revolving and swingline loans, in each case subject to certain amount limitations, in an amount up to $1.5 billion in the aggregate outstanding at any time prior to August 19, 2020 (the “Commitment Termination Date”).  The 364-Day Credit Agreement amends and restates in its entirety that certain 364-Day Credit Agreement, dated as of August 22, 2018, by and among the Company, certain of its subsidiaries party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent.

The borrowings under the 364-Day Credit Agreement will not be secured with liens on any of the Company’s or its subsidiaries’ assets.  The Company will guarantee all borrowings by the subsidiary Borrowers under the 364-Day Credit Agreement.

The Company may from time to time request incremental term loans and/or increase the aggregate principal amount of the revolving commitments under the 364-Day Credit Agreement by up to $750 million if certain conditions are satisfied, including (i) the absence of any default or event of default under the 364-Day Credit Agreement, and (ii) the Company obtaining the consent of each lender providing any incremental facility. In addition, prior to the Commitment Termination Date, the Company may, by notice to the administrative agent and subject to certain other conditions set forth in the 364-Day Credit Agreement including the absence of any default or event of default thereunder, elect to convert all or a ratable portion of the outstanding revolving loans under the 364-Day Credit Agreement into term loans (the “Term-Out Option”) that will mature on the first anniversary of the Commitment Termination Date. The Borrowers will pay a fee to the lenders equal to 0.5% of the aggregate principal amount of the outstanding revolving loans converted into term loans pursuant to the Term-Out Option.

Borrowings under the 364-Day Credit Agreement will bear interest at varying rates, depending on the type of loan and, in some cases, the rates of designated benchmarks and the applicable Borrower’s election.  For all borrowings under the 364-Day Credit Agreement, the applicable Borrower may choose among the following interest rates:  (i) solely in the case of U.S. dollar-denominated loans, an interest rate equal to the highest of (1) the prime rate in effect from time to time, (2) the greater of (A) the federal funds effective rate in effect from time to time and (B) the overnight bank funding rate in effect from time to time, in each case plus 0.5% and (3) the Adjusted LIBO Rate for a one month interest period plus 1.00%; (ii) an interest rate equal to the Adjusted LIBO Rate for the applicable interest period plus a rate ranging from 0.50% to 1.00%, depending on the credit rating of the Company’s senior unsecured long-term debt; or (iii) solely in the case of swingline loans, another rate agreed to by the applicable lender and the applicable Borrower. The Adjusted LIBO Rate is a rate determined by reference to the rate payable on deposits in the relevant currency in the London interbank market.  Currently, the Company’s senior unsecured long-term debt is rated A2 by Moody’s Investors Service, Inc. and A+ by Standard & Poor’s Financial Services LLC, which would result in a rate of the Adjusted LIBO Rate plus 0.75% under (ii) above. Credit ratings are not recommendations to buy and are subject to change, and each rating should be evaluated independently of any other rating. In addition, the Company undertakes no obligation to update disclosures concerning its credit ratings, whether as a result of new information, future events or otherwise.

The 364-Day Credit Agreement contains customary events of default and financial and other covenants, including a financial covenant requiring that the ratio of (i) the consolidated net debt of the Company and its subsidiaries, subject to certain adjustments, to (ii) the consolidated total capital of the Company and its subsidiaries as of the last day of each fiscal quarter not be greater than 0.65:1.

On August 21, 2019, the Company also entered into an Amendment No. 1 (the “Amendment”) by and among the Company, certain of its subsidiaries party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, which amended that certain Credit Agreement, dated as of August 22, 2018 (the “Existing 5-Year Credit Agreement”; as amended by the Amendment, the “5-Year Credit Agreement”; together with the 364-Day Credit Agreement, the “Credit Agreements”), by and among the Company, certain of its subsidiaries party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. The Amendment made conforming changes to the provisions in the Existing 5-Year Credit Agreement to reflect modifications made under the 364-Day Credit Agreement.

There are no material relationships between the Company or its affiliates and any of the lenders under the Credit Agreements other than in connection with the Credit Agreements.  The description of the 364-Day Credit Agreement and the Amendment set forth above is qualified by reference to the 364-Day Credit Agreement and the Amendment as applicable, filed herewith as Exhibits 10.1 and 10.2, respectively, and incorporated herein by reference.

The information included in Item 1.01 above is incorporated herein by reference.

(a)       Not applicable.

(b)       Not applicable.

(c)       Not applicable.

(d)       Exhibits. The exhibits listed in the Exhibit Index below are filed as part of this report.

EXHIBIT INDEX

SIGNATURES

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:  August 21, 2019