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

Ticker: CNH · Form: 8-K · Filed: 2024-04-19T00:00:00.000Z

Sentiment: neutral

Topics: debt-financing, agreement-termination, financial-obligation

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

FAQ

What is the specific nature of the material definitive agreement entered into by CNH Industrial N.V. on April 19, 2024?

The filing indicates the agreement is related to its 'A3850 Notes due 2027', suggesting a debt financing or restructuring.

What was the purpose of terminating the other material definitive agreement?

The filing does not specify the purpose for the termination of the other material definitive agreement.

What are the implications of creating a direct financial obligation for CNH Industrial N.V.?

Creating a direct financial obligation means the company has undertaken a new debt or financial commitment that will appear on its balance sheet.

Does this filing provide details on the financial terms of the new A3850 Notes due 2027?

This 8-K filing announces the entry into the agreement and termination of another, but does not detail the specific financial terms of the A3850 Notes due 2027.

What is CNH Industrial N.V.'s former company name?

CNH Industrial N.V.'s former company name was FI CBM Holdings N.V., with a date of name change on January 15, 2013.

From the Filing

0001628280-24-016974.txt : 20240419 0001628280-24-016974.hdr.sgml : 20240419 20240419171233 ACCESSION NUMBER: 0001628280-24-016974 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 20 CONFORMED PERIOD OF REPORT: 20240419 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Termination of a Material Definitive Agreement ITEM INFORMATION: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240419 DATE AS OF CHANGE: 20240419 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNH Industrial N.V. CENTRAL INDEX KEY: 0001567094 STANDARD INDUSTRIAL CLASSIFICATION: CONSTRUCTION MACHINERY & EQUIP [3531] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: P7 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36085 FILM NUMBER: 24858860 BUSINESS ADDRESS: STREET 1: 25 ST. JAMES'S STREET CITY: LONDON, STATE: X0 ZIP: SW1A 1HA BUSINESS PHONE: 011 44 1268 533000 MAIL ADDRESS: STREET 1: 25 ST. JAMES'S STREET CITY: LONDON, STATE: X0 ZIP: SW1A 1HA FORMER COMPANY: FORMER CONFORMED NAME: FI CBM Holdings N.V. DATE OF NAME CHANGE: 20130115 8-K 1 cnhi-20240419.htm 8-K cnhi-20240419 0001567094 false 0001567094 2024-04-19 2024-04-19 0001567094 us-gaap:CommonStockMember 2024-04-19 2024-04-19 0001567094 cnhi:A3850NotesDue2027Member 2024-04-19 2024-04-19 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): April 19, 2024 CNH INDUSTRIAL N.V. (Exact name of registrant as specified in its charter) Netherlands 001-36085 98-1125413 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) Cranes Farm Road , Basildon, Essex , SS14 3AD , United Kingdom N/A (Address of principal executive offices) (Zip Code) +44 2079 251964 Registrant’s telephone number including area code N/A (Former name, former address and former fiscal year, if changed since last report) : 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 Shares, par value €0.01 CNHI New York Stock Exchange 3.850% Notes due 2027 CNHI27 New York Stock Exchange 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: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))          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 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. ☐ 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

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