CNH Industrial NV

04/19/2024 | Press release | Distributed by Public on 04/19/2024 15:13

Material Agreement - Form 8-K

Item 1.01 Entry into a Material Definitive Agreement

On April 19, 2024, CNH Industrial N.V. (the "Company" or "CNH") entered into a multicurrency revolving credit agreement with Citibank Europe Plc, UK Branch as facility agent, and the other lenders named therein (the "Credit Agreement"). The Credit Agreement provides for an unsecured, committed revolving credit facility in an aggregate principal amount equal to €3.25 billion. The Company may elect to increase the total commitments under the Credit Facility by up to an additional €500 million. The proceeds of the loans under the Credit Agreement may be used for general corporate and working capital purposes, including without limitation the refinancing of existing indebtedness of the CNH group.

The Credit Facility will mature, and all outstanding loans will become due and payable, on April 19, 2029, or such later date as may be extended pursuant to the two extension options of 1-year each which are available to the Company on the terms set forth in the Credit Agreement.

The Credit Agreement contains customary covenants (including a negative pledge, a status (or pari passu) covenant and restrictions on the incurrence of indebtedness by certain subsidiaries) and customary events of default, some of which are subject to minimum thresholds and customary mitigants (including cross acceleration provisions, failure to pay amounts due or to comply with certain provisions under the loan agreement and the occurrence of certain bankruptcy-related events) and mandatory prepayment obligations upon a change in control of the Company.

The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Credit Agreement, which is attached as Exhibit 10.1 and incorporated herein by reference.