[8-K] Caterpillar Inc. Reports Material Event
Rhea-AI Filing Summary
Caterpillar Inc. filed an 8-K reporting entry into material definitive credit agreements and the creation of direct financial obligations. The filing references a 364-Day Credit Agreement and multi-year facilities, including a Fourth Amended and Restated Credit Agreement structured as a three-year facility and a five-year facility. Each facility includes local currency addenda for CIF and CIF LUX and Japan-specific addenda. The filing lists these agreements as exhibits and states the cover page is provided in Inline XBRL. The filing is signed by Derek Owens, Chief Legal Officer and General Counsel.
Positive
- Multiple-tenor facilities (364-day, three-year, five-year) indicate planned liquidity management across short and longer horizons
- Localized addenda for CIF, CIF LUX, and Japan suggest tailored, jurisdiction-specific credit arrangements
Negative
- Key financial terms missing: the provided content does not state facility sizes, interest rates, maturities, guarantors, or covenants
- Material obligation acknowledged but the filing excerpt lacks information necessary to assess impact on debt metrics or covenant compliance
Insights
TL;DR: Caterpillar disclosed new multi-tenor credit facilities and related local-currency addenda, indicating refreshed liquidity arrangements.
The exhibit list shows a short-term 364-day facility plus amended three- and five-year credit facilities with corresponding local-currency and Japan addenda. This pattern is consistent with a coordinated refinancing or liquidity planning effort across jurisdictions. The filing explicitly notes creation of a direct financial obligation or off-balance-sheet obligation, which is material because it affects the company's contractual debt profile. However, the filing text provided does not include committed amounts, counterparties, covenant terms, maturities, or pricing, so the precise financial impact cannot be assessed from this content alone.
TL;DR: Multiple tenor credit agreements and jurisdictional addenda suggest structured borrowing flexibility but details are not disclosed here.
The documents referenced—short-term 364-day and amended three- and five-year facilities with CIF, CIF LUX, and Japan addenda—indicate arrangements tailored for local-currency borrowing and cross-border operations. Such structures commonly support treasury optimization and currency risk management. The explicit exhibit enumeration confirms the company executed definitive agreements, yet the absence of facility sizes, pricing, guarantor structure, and covenant language in the supplied text prevents evaluation of liquidity sufficiency or covenant risk.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State
or other jurisdiction of incorporation) |
(Commission
File Number) |
(I.R.S Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s
telephone number, including area code: (
Former name or former address, if changed since last report: N/A
| 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 which registered |
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:
Indicate by check mark whether the registrant is an emerging growth company as defined by Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §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 |
Creation of Revolving Credit Facilities
On August 28, 2025, Caterpillar Inc. (“Caterpillar”) entered into a Credit Agreement (the “364-Day Facility”) among Caterpillar, Caterpillar Financial Services Corporation (“Cat Financial”), Caterpillar International Finance Designated Activity Company (“CIF”), Caterpillar International Finance Luxembourg S.à r.l. (“CIF LUX”) and Caterpillar Finance Kabushiki Kaisha (“CFKK” and, together with Caterpillar, Cat Financial, CIF and CIF LUX, the “Borrowers”), certain financial institutions named therein (the “Banks”), Citibank, N.A. (the “Agent”), Citibank Europe plc, UK Branch (the “Local Currency Agent”), and MUFG Bank, Ltd. (the “Japan Local Currency Agent”), which provides an unsecured revolving credit facility to the Borrowers in an aggregate amount of up to $3.5 billion (the “364-Day Aggregate Commitment”) that expires on August 27, 2026. In addition, on August 28, 2025, each of CIF and CIF LUX entered into a Local Currency Addendum with Cat Financial, the Local Currency Banks (as defined in the 364-Day Facility), the Agent and the Local Currency Agent, that enables CIF and CIF LUX to borrow in certain approved currencies including Pounds Sterling and Euros in an aggregate amount up to the equivalent of $100 million, and Cat Financial, CFKK, the Japan Local Currency Banks (as defined in the 364-Day Facility), the Agent and the Japan Local Currency Agent entered into a Japan Local Currency Addendum that enables CFKK to borrow Japanese Yen in an aggregate amount up to the equivalent of $100 million, as part of the 364-Day Aggregate Commitment. The 364-Day Facility replaces Caterpillar’s prior 364-Day Facility, which was entered into on August 29, 2024.
Amendments to and Extensions of Existing Credit Agreements
On August 28, 2025, Caterpillar and the other Borrowers entered into (i) a Fourth Amended and Restated Credit Agreement (Three-Year Facility), Local Currency Addendum and Japan Local Currency Addendum (collectively, the “Three-Year Facility Agreement”), which amended and restated the Third Amended and Restated Credit Agreement (Three-Year Facility) dated September 1, 2022 and the related Local Currency Addendums and Japan Local Currency Addendum (collectively, the “2022 Three-Year Facility”) and (ii) a Fourth Amended and Restated Credit Agreement (Five-Year Facility), Local Currency Addendums and Japan Local Currency Addendum (collectively, the “Five-Year Facility Agreement” and together with the Three-Year Facility Agreement and the 364-Day Facility, the “Credit Facilities”), which amended and restated the Third Amended and Restated Five-Year Credit Agreement (Five-Year Facility) dated September 1, 2022 and the related Local Currency Addendums and Japan Local Currency Addendum (collectively, the “2022 Five-Year Facility”).
The Three-Year Facility Agreement, among other things, extends the expiration date of the 2022 Three-Year Facility to August 28, 2028 and provides for an unsecured revolving credit facility to the Borrowers in an aggregate amount of up to $3.0 billion, and the Five-Year Facility Agreement, among other things, extends the expiration date of the 2022 Five-Year Facility to August 28, 2030 and provides for an unsecured revolving credit facility to the Borrowers in an aggregate amount of up to $5.0 billion.
The Credit Facilities are available for general corporate purposes. As of the date hereof, the Borrowers have not drawn on the Credit Facilities.
The Credit Facilities contain certain representations and warranties, covenants and events of default, including financial covenants. Under the Credit Facilities, Caterpillar is required to maintain consolidated net worth not less than $9 billion at all times. Caterpillar’s consolidated net worth is defined as the consolidated stockholder’s equity including preferred stock but excluding the pension and other post-retirement benefits balance within Accumulated other comprehensive income (loss). Cat Financial is required to maintain an interest coverage ratio above 1.15 to 1, where the interest coverage ratio is defined as the ratio of (1) profit excluding income taxes, interest expense and net gain/(loss) from interest rate derivatives to (2) interest expense, calculated at the end of each fiscal quarter, for the prior four consecutive fiscal quarter period. Cat Financial is also required to maintain a leverage ratio (consolidated debt to consolidated net worth) not greater than 10.0 to 1, calculated (1) on a monthly basis as the average of the leverage ratios determined on the last day of each of the six preceding calendar months and (2) on each December 31. Drawings under the Credit Facilities are also subject to conditions precedent and the payment of certain facility fees.
Certain of the lenders and agents party to the Credit Facilities, as well as certain of their respective affiliates, have performed, and may in the future perform, for Caterpillar and its subsidiaries, various commercial banking, investment banking, underwriting and other financial advisory services, for which they have received and may in the future receive customary fees and expenses.
The foregoing description is qualified in its entirety by the terms and provisions of the (i) 364-Day Facility and the Local Currency Addendums and Japan Local Currency Addendum thereto; (ii) the Three-Year Facility Agreement and the Local Currency Addendums and Japan Local Currency Addendum thereto; and (iii) the Five-Year Facility Agreement and the Local Currency Addendums and Japan Local Currency Addendum thereto, which are filed as exhibits to this report, and incorporated herein by reference.
| 2 |
| 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 of this report is hereby incorporated into this Item 2.03 by reference.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits:
| Exhibit | |
| Number | Description |
| 10.1 | 364-Day Credit Agreement |
| 10.2 | CIF Local Currency Addendum to the 364-Day Credit Agreement |
| 10.3 | CIF LUX Local Currency Addendum to the 364-Day Credit Agreement |
| 10.4 | Japan Local Currency Addendum to the 364-Day Credit Agreement |
| 10.5 | Fourth Amended and Restated Credit Agreement (Three-Year Facility) |
| 10.6 | CIF Local Currency Addendum to the Fourth Amended and Restated Credit Agreement (Three-Year Facility) |
| 10.7 | CIF LUX Local Currency Addendum to the Fourth Amended and Restated Credit Agreement (Three-Year Facility) |
| 10.8 | Japan Local Currency Addendum to the Fourth Amended and Restated Credit Agreement (Three-Year Facility) |
| 10.9 | Fourth Amended and Restated Credit Agreement (Five-Year Facility) |
| 10.10 | CIF Local Currency Addendum to the Fourth Amended and Restated Credit Agreement (Five-Year Facility) |
| 10.11 | CIF LUX Local Currency Addendum to the Fourth Amended and Restated Credit Agreement (Five-Year Facility) |
| 10.12 | Japan Local Currency Addendum to the Fourth Amended and Restated Credit Agreement (Five-Year Facility) |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
| 3 |
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 hereunto duly authorized.
| CATERPILLAR INC. | ||
| September 3, 2025 | By: | /s/ Derek Owens |
| Derek Owens | ||
| Chief Legal Officer and General Counsel | ||
FAQ
What did Caterpillar (CAT) disclose in this 8-K?
Does the filing state how much Caterpillar borrowed under these agreements?
Who signed the 8-K for Caterpillar?
Are the detailed terms, rates, or covenants included in this excerpt?
What jurisdictions are addressed by the credit agreement addenda?
