3M Issues $4.75 Billion in New Notes

Ticker: MMM · Form: 8-K · Filed: 2024-03-08T00:00:00.000Z

Sentiment: neutral

Topics: debt-issuance, financing, notes

TL;DR

3M just dropped $4.75B in new debt across three tranches.

AI Summary

On March 8, 2024, 3M Company filed an 8-K report detailing the issuance of $1.5 billion in aggregate principal amount of 1.500% notes due 2026, $1.75 billion in aggregate principal amount of 1.750% notes due 2030, and $1.500 billion in aggregate principal amount of 1.500% notes due 2031. These notes were issued under the company's indenture dated October 1, 1979, as supplemented by a sixth supplemental indenture dated March 8, 2024.

Why It Matters

3M is raising significant capital through debt issuance, which could be used for various corporate purposes including refinancing existing debt or funding operations and strategic initiatives.

Risk Assessment

Risk Level: medium — Issuing a substantial amount of new debt increases the company's leverage and financial obligations.

Key Numbers

Key Players & Entities

FAQ

What is the total aggregate principal amount of the notes issued by 3M Company?

The total aggregate principal amount of the notes issued is $4.75 billion, comprising $1.5 billion of 1.500% notes due 2026, $1.75 billion of 1.750% notes due 2030, and $1.500 billion of 1.500% notes due 2031.

Under which indenture were these notes issued?

The notes were issued under 3M Company's indenture dated October 1, 1979, as supplemented by a sixth supplemental indenture dated March 8, 2024.

What are the maturity dates for the newly issued notes?

The notes mature in 2026, 2030, and 2031.

What are the specific interest rates for each tranche of notes?

The notes due 2026 have a 1.500% interest rate, the notes due 2030 have a 1.750% interest rate, and the notes due 2031 have a 1.500% interest rate.

What is the filing date of this 8-K report?

The 8-K report was filed on March 8, 2024.

From the Filing

0000066740-24-000023.txt : 20240308 0000066740-24-000023.hdr.sgml : 20240308 20240308120145 ACCESSION NUMBER: 0000066740-24-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240308 ITEM INFORMATION: Other Events FILED AS OF DATE: 20240308 DATE AS OF CHANGE: 20240308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 3M CO CENTRAL INDEX KEY: 0000066740 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] ORGANIZATION NAME: 08 Industrial Applications and Services IRS NUMBER: 410417775 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03285 FILM NUMBER: 24733164 BUSINESS ADDRESS: STREET 1: 3M CENTER STREET 2: BLDG. 220-13E-26A CITY: ST PAUL STATE: MN ZIP: 55144-1000 BUSINESS PHONE: 6517331474 MAIL ADDRESS: STREET 1: 3M CENTER STREET 2: BLDG. 220-13E-26A CITY: ST. PAUL STATE: MN ZIP: 55144-1000 FORMER COMPANY: FORMER CONFORMED NAME: MINNESOTA MINING & MANUFACTURING CO DATE OF NAME CHANGE: 19920703 8-K 1 mmm-20240308.htm 8-K mmm-20240308 FALSE 0000066740 0000066740 2024-03-08 2024-03-08 0000066740 us-gaap:CommonStockMember exch:XCHI 2024-03-08 2024-03-08 0000066740 us-gaap:CommonStockMember exch:XNYS 2024-03-08 2024-03-08 0000066740 mmm:Notes1500PercentDue2026Member exch:XNYS 2024-03-08 2024-03-08 0000066740 exch:XNYS mmm:Notes1750PercentDue2030Member 2024-03-08 2024-03-08 0000066740 exch:XNYS mmm:Notes1.500PercentDue2031Member 2024-03-08 2024-03-08 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 Date of report (Date of earliest event reported): March 8, 2024 3M COMPANY (Exact Name of Registrant as Specified in Its Charter) Delaware File No. 1-3285 41-0417775 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 3M Center , St. Paul , Minnesota 55144-1000 (Address of Principal Executive Offices) (Zip Code) (Registrant’s Telephone Number, Including Area Code) ( 651 ) 733-1110 Not Applicable (Former Name or Former Address, if Changed Since Last Report) 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 ( see General Instruction A.2. below): ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, Par Value $.01 Per Share MMM New York Stock Exchange MMM Chicago Stock Exchange, Inc. 1.500% Notes due 2026 MMM26 New York Stock Exchange 1.750% Notes due 2030 MMM30 New York Stock Exchange 1.500% Notes due 2031 MMM31 New York Stock Exchange Note: The common stock of the Registrant is also traded on the SIX Swiss Exchange. Securities registered pursuant to section 12(g) of the Act: None Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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.               &#1

View on Read The Filing