Cummins plans fixed-rate notes in tranches due 2025, 2030 and 2050

By Devika Patel

Knoxville, Tenn., Aug. 17 – Cummins Inc. intends to sell fixed-rate senior notes in three tranches due 2025, 2030 and 2050, according to a 424B5 filing with the Securities and Exchange Commission. S&P Global Ratings said that it estimates Cummins will sell $1.5 billion to $2 billion of notes.

The notes will have make-whole calls until the par call date and then par calls. The par call date will be one month prior to maturity for the 2025 notes and three months prior to maturity for the 2030 notes and 2050 notes.

BofA Securities Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc., ING Financial Markets LLC and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will 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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