CNH Industrial N.V. Enters New Debt Agreement, Terminates Another

TL;DR

CNH just signed new debt for 2027 notes and ditched an old deal. Watch the balance sheet.

AI Summary

On April 19, 2024, CNH Industrial N.V. entered into a material definitive agreement related to its A3850 Notes due 2027. The company also terminated a material definitive agreement. These actions create direct financial obligations for the registrant.

Why It Matters

This filing indicates a shift in CNH Industrial's financing structure, with the creation of new debt obligations and the cessation of others, which could impact its financial leverage and liquidity.

Risk Assessment

Risk Level: medium — The creation of new debt and termination of existing agreements can introduce financial risks related to interest rates, repayment obligations, and potential penalties.

Key Players & Entities

• CNH Industrial N.V. (company) — Registrant
• A3850 Notes due 2027 (dollar_amount) — Specific debt instrument
• April 19, 2024 (date) — Date of report and earliest event

FAQ

Key Financial Figures

• $4 b — an aggregate principal amount equal to $4 billion, with two extension options of 1-

Filing Documents

• cnhi-20240419.htm (8-K) — 34KB
• exh101euo1-2010847973xrevo.htm (EX-10.1) — 1323KB
• cnhi-20240419_g1.jpg (GRAPHIC) — 77KB
• image_0a.jpg (GRAPHIC) — 1KB
• image_1a.jpg (GRAPHIC) — 1KB
• image_2a.jpg (GRAPHIC) — 3KB
• image_3a.jpg (GRAPHIC) — 3KB
• 0001628280-24-016974.txt ( ) — 1838KB
• cnhi-20240419.xsd (EX-101.SCH) — 3KB
• cnhi-20240419_def.xml (EX-101.DEF) — 15KB
• cnhi-20240419_lab.xml (EX-101.LAB) — 26KB
• cnhi-20240419_pre.xml (EX-101.PRE) — 16KB
• cnhi-20240419_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

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.

02. Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. On April 19, 2024, the Company terminated its five-year multicurrency revolving credit agreement, dated March 18, 2021, as amended and restated on December 10, 2021, among CNH Industrial Finance S.p.A., CNH Industrial Finance Europe S.A., and CNH Industrial Finance North America, Inc. as borrowers, the Company as guarantor, certain banks as lenders and Citibank Europe PLC, UK Branch as facility agent (the "Old Credit Agreement"). The Old Credit Agreement established an unsecured, committed revolving credit facility in an aggregate principal amount equal to $4 billion, with two extension options of 1-year each. The Old Credit Agreement was terminated in connection with the entry into the Credit Agreement described in Item 1.01 above. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 is incorporated by reference into this Item 2.03. As of the date of the Credit Agreement, there are no borrowings outstanding under the Credit Agreement. CNH may from time to time borrow under the Credit Agreement and repay such borrowings. CNH does not undertake to provide updates regarding the amount of indebtedness outstanding from time to time, other than in connection with its periodic financial reporting obligations and no inference should be drawn as to the amount of any indebtedness under the Credit Agreement at any time.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit 10.1 Credit Agreement, dated April 19, 2024, by and among CNH Industrial N.V., Citibank Europe PLC, UK Branch, as Facility Agent, and the banks listed therein Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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 thereunto duly authorized. CNH INDUSTRIAL N.V. By: /s/ Roberto Russo Name: Roberto Russo Title: Chief Legal and Compliance Officer Date: April 19, 2024

View Full Filing

View this 8-K filing on SEC EDGAR