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[8-K] CINCINNATI FINANCIAL CORP Reports Material Event

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Cincinnati Financial Corporation replaced its prior $300,000,000 credit agreement with a new $400,000,000 unsecured revolving credit facility dated October 10, 2025. The new facility, which expires on October 10, 2030 with two one-year extension options, is fully subscribed by four lenders with the largest commitment of $125,000,000. It supports revolving loans and letters of credit up to an aggregate of $400,000,000, includes a $400,000,000 accordion feature, a $400,000,000 letters-of-credit sublimit and a $75,000,000 swing-line sublimit, and imposes a maximum debt-to-capital covenant of 35%. The terminated facility had matured in February 2026 but was ended effective October 10, 2025.

Cincinnati Financial Corporation ha sostituito il precedente $300,000,000 accordo di credito con una nuova $400,000,000 linea di credito rotativa non garantita datata October 10, 2025. La nuova facility, che scade October 10, 2030 con due opzioni di estensione di un anno, è interamente sottoscritta da quattro creditori con l’impegno più alto di $125,000,000. Supporta prestiti rotativi e lettere di credito fino a un importo aggregato di $400,000,000, include una funzione accordion di $400,000,000, un sublimite di lettere di credito di $400,000,000 e un sublimite swing-line di $75,000,000, e impone un covenant massimo di debt-to-capital pari al 35%. Il facility terminato aveva maturato nel February 2026 ma è stato terminato efficace October 10, 2025.

Cincinnati Financial Corporation reemplazó su anterior acuerdo de crédito de $300,000,000 por una nueva $400,000,000 línea de crédito rotativa no asegurada con fecha October 10, 2025. La nueva facilidad, que vence el October 10, 2030 con dos opciones de prórroga de un año, está totalmente suscrita por cuatro prestamistas con el compromiso más alto de $125,000,000. Soporta préstamos rotativos y cartas de crédito hasta un agregado de $400,000,000, incluye una función accordion de $400,000,000, un sublímite de cartas de crédito de $400,000,000 y un sublímite swing-line de $75,000,000, e impone un pacto máximo deuda sobre capital de 35%. La línea terminada había vencido en February 2026 pero se terminó con efecto el October 10, 2025.

Cincinnati Financial Corporation은 이전의 $300,000,000 신용계약을 새로운 $400,000,000 무담보 회전 신용시설로 교체했으며 날짜는 October 10, 2025입니다. 새로운 시설은 October 10, 2030에 만료되며 1년 연장 옵션 두 개가 있으며, 가장 큰 약정은 $125,000,000로 네 명의 대출기관이 전액 인수했습니다. 이 시설은 총 $400,000,000의 합계로 회전 대출과 신용장을 지원하고, $400,000,000의 어코디언(Accordion) 기능, $400,000,000의 신용장 하위한도, $75,000,000의 스윙라인 하위한도를 포함하며, 부채 대 자본 비율 최대 약정은 35%입니다. 해지된 시설은 2026년 2월에 만료되었으나 2025년 10월 10일에 종료되었습니다.

Cincinnati Financial Corporation a remplacé son accord de crédit précédent de $300,000,000 par une nouvelle facilité de crédit renouvelable non garantie de $400,000,000 datée du 10 octobre 2025. La nouvelle facilité, qui expire le 10 octobre 2030 avec deux options de prolongation d'un an, est entièrement souscrite par quatre prêteurs avec l'engagement le plus élevé de $125,000,000. Elle permet des prêts renouvelables et des lettres de crédit jusqu'à un total de $400,000,000, comprend une fonction accordéon (accordion) de $400,000,000, un sous-limite de lettres de crédit de $400,000,000 et un sous-limite Swing-Line de $75,000,000, et impose un covenant maximal dette sur capital de 35%. L'ancienne facilité avait maturé en February 2026 mais a été résiliée avec effet au October 10, 2025.

Cincinnati Financial Corporation hat seine vorherige Kreditvereinbarung über $300,000,000 durch eine neue ungesicherte revolvierende Kreditfazilität über $400,000,000 ersetzt, datiert auf den 10. Oktober 2025. Die neue Fazilität läuft am 10. Oktober 2030 ab und bietet zwei Verlängerungsoptionen um je ein Jahr; sie ist von vier Kreditgebern vollständig gezeichnet, wobei die größte Verpflichtung $125,000,000 beträgt. Sie unterstützt revolvierende Darlehen und Akkredite bis insgesamt $400,000,000, umfasst eine Accordion-Funktion von $400,000,000, ein Akkreditiv-Unterlimit von $400,000,000 und ein Swing-Line-Unterlimit von $75,000,000 und schreibt eine Debt-to-Capital-Covenant von 35% vor. Die beendete Fazilität hatte im Februar 2026 fällig, wurde aber zum October 10, 2025 beendet.

Cincinnati Financial Corporation استبدلت اتفاقية الائتمان السابقة بمبلغ $300,000,000 باتفاقية ائتمان دوارة جديدة غير مضمونة بقيمة $400,000,000 وتاريخها October 10, 2025. تسري هذه التسهيل الجديد حتى October 10, 2030 مع خيارين لتمديد لمدة عام، وهو مكتوب بالكامل من قبل أربعة مقرضين مع أكبر التزام قدره $125,000,000. يدعم القروض الدوارة وخطابات الاعتماد حتى مبلغ إجمالي قدره $400,000,000، ويشمل ميزة التقسيم (Accordion) بقيمة $400,000,000، وحدود فرعية للخطابات الاعتماد بقيمة $400,000,000 وحدود فرعية لسند التحويل (Swing-Line) بقيمة $75,000,000، ويفرض عهدا أقصى لنسبة الدين إلى رأس المال يبلغ 35%. كان المرفق المنتهي قد نما في فبراير 2026 لكنه انتهى فاعلياً في October 10, 2025.

Cincinnati Financial Corporation 已将其先前的 $300,000,000 信用协议替换为新的 $400,000,000 无担保循环信贷便利，日期为 October 10, 2025。新设施将于 October 10, 2030 到期，且有两次各为期一年的延期选项，由四家放款人全额认购，最大的承诺额为 $125,000,000。它支持总额为 $400,000,000 的循环贷款和信用证，包含 $400,000,000 的手风琴功能、$400,000,000 的信用证子额度以及 $75,000,000 的 Swing-Line 子额度，并设定债务对资本比率上限为 35%。已终止的设施原本于 February 2026 到期，但自 October 10, 2025 起终止生效。

Positive
  • Increased committed capacity to $400,000,000 from $300,000,000
  • Longer maturity through October 10, 2030 with two one-year extensions
  • Fully subscribed among four lenders with a defined largest commitment of $125,000,000
  • Large accordion feature (additional $400,000,000) for scalability
Negative
  • Debt covenant cap limits debt-to-capital to 35%, which constrains leverage flexibility
  • Pricing tied to unsecured debt ratings, so borrowing costs could rise if ratings weaken
  • Acceleration risk on typical Event of Default triggers such as covenant breaches or payment failures

Insights

TL;DR: The company secured larger, longer-dated committed liquidity with similar covenant structure.

The replacement of a $300,000,000 facility with a $400,000,000 unsecured revolving credit line lengthens the committed runway to 2030 and increases available committed capacity. A fully subscribed lender group and an accordion feature provide flexibility to support working capital and letters of credit needs.

Costs and availability are tied to the company's unsecured long-term debt ratings, so credit metrics and rating actions will directly influence pricing. Material items to monitor include compliance with the 35% debt-to-capital covenant and any lender actions under an Event of Default, which could accelerate borrowings.

TL;DR: Structure is conventional with multi-bank commitments and customary sublimits.

The facility features standard elements: multi-lender pro rata commitments, a letters-of-credit sublimit, a swing-line sublimit, and a large accordion option that can double capacity to $800,000,000 if exercised. Absence of a minimum rating trigger for access is positive, but pricing is rating-linked.

Key near-term indicators are the utilization of letters of credit and any draws on the swing line; changes in the largest lender's $125,000,000 commitment or in the lender group could affect capacity or terms within the facility period through 2030.

Cincinnati Financial Corporation ha sostituito il precedente $300,000,000 accordo di credito con una nuova $400,000,000 linea di credito rotativa non garantita datata October 10, 2025. La nuova facility, che scade October 10, 2030 con due opzioni di estensione di un anno, è interamente sottoscritta da quattro creditori con l’impegno più alto di $125,000,000. Supporta prestiti rotativi e lettere di credito fino a un importo aggregato di $400,000,000, include una funzione accordion di $400,000,000, un sublimite di lettere di credito di $400,000,000 e un sublimite swing-line di $75,000,000, e impone un covenant massimo di debt-to-capital pari al 35%. Il facility terminato aveva maturato nel February 2026 ma è stato terminato efficace October 10, 2025.

Cincinnati Financial Corporation reemplazó su anterior acuerdo de crédito de $300,000,000 por una nueva $400,000,000 línea de crédito rotativa no asegurada con fecha October 10, 2025. La nueva facilidad, que vence el October 10, 2030 con dos opciones de prórroga de un año, está totalmente suscrita por cuatro prestamistas con el compromiso más alto de $125,000,000. Soporta préstamos rotativos y cartas de crédito hasta un agregado de $400,000,000, incluye una función accordion de $400,000,000, un sublímite de cartas de crédito de $400,000,000 y un sublímite swing-line de $75,000,000, e impone un pacto máximo deuda sobre capital de 35%. La línea terminada había vencido en February 2026 pero se terminó con efecto el October 10, 2025.

Cincinnati Financial Corporation은 이전의 $300,000,000 신용계약을 새로운 $400,000,000 무담보 회전 신용시설로 교체했으며 날짜는 October 10, 2025입니다. 새로운 시설은 October 10, 2030에 만료되며 1년 연장 옵션 두 개가 있으며, 가장 큰 약정은 $125,000,000로 네 명의 대출기관이 전액 인수했습니다. 이 시설은 총 $400,000,000의 합계로 회전 대출과 신용장을 지원하고, $400,000,000의 어코디언(Accordion) 기능, $400,000,000의 신용장 하위한도, $75,000,000의 스윙라인 하위한도를 포함하며, 부채 대 자본 비율 최대 약정은 35%입니다. 해지된 시설은 2026년 2월에 만료되었으나 2025년 10월 10일에 종료되었습니다.

Cincinnati Financial Corporation a remplacé son accord de crédit précédent de $300,000,000 par une nouvelle facilité de crédit renouvelable non garantie de $400,000,000 datée du 10 octobre 2025. La nouvelle facilité, qui expire le 10 octobre 2030 avec deux options de prolongation d'un an, est entièrement souscrite par quatre prêteurs avec l'engagement le plus élevé de $125,000,000. Elle permet des prêts renouvelables et des lettres de crédit jusqu'à un total de $400,000,000, comprend une fonction accordéon (accordion) de $400,000,000, un sous-limite de lettres de crédit de $400,000,000 et un sous-limite Swing-Line de $75,000,000, et impose un covenant maximal dette sur capital de 35%. L'ancienne facilité avait maturé en February 2026 mais a été résiliée avec effet au October 10, 2025.

Cincinnati Financial Corporation hat seine vorherige Kreditvereinbarung über $300,000,000 durch eine neue ungesicherte revolvierende Kreditfazilität über $400,000,000 ersetzt, datiert auf den 10. Oktober 2025. Die neue Fazilität läuft am 10. Oktober 2030 ab und bietet zwei Verlängerungsoptionen um je ein Jahr; sie ist von vier Kreditgebern vollständig gezeichnet, wobei die größte Verpflichtung $125,000,000 beträgt. Sie unterstützt revolvierende Darlehen und Akkredite bis insgesamt $400,000,000, umfasst eine Accordion-Funktion von $400,000,000, ein Akkreditiv-Unterlimit von $400,000,000 und ein Swing-Line-Unterlimit von $75,000,000 und schreibt eine Debt-to-Capital-Covenant von 35% vor. Die beendete Fazilität hatte im Februar 2026 fällig, wurde aber zum October 10, 2025 beendet.

0000020286false00000202862025-10-102025-10-10

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: October 10, 2025
(Date of earliest event reported)

CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio0-460431-0746871
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
6200 S. Gilmore RoadFairfield,Ohio45014‑5141
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (513) 870-2000

N/A
(Former name or former address, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockCINFNasdaq Global Select Market

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:
☐    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 240.13a-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 (§203.405 of this chapter) or Rule 12b-2 of the Securities 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
Item 1.02 Termination of a Material Definitive Agreement
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On October 10, 2025, Cincinnati Financial Corporation and CFC Investment Company, a subsidiary of Cincinnati Financial Corporation (the “Borrowers”) entered into a Credit Agreement with and among Fifth Third Bank, N.A. as Administrative Agent, Joint Lead Arranger, and Sole Bookrunner (“Fifth Third”), The Huntington National Bank as Joint Lead Arranger, and the other Lenders party thereto (the “2025 Credit Facility”). Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the 2025 Credit Facility.

Simultaneously with entering the 2025 Credit Facility, Borrowers terminated the Amended and Restated Credit Agreement with and among PNC Bank N.A., as Administrative Agent and the other lenders party thereto (the "Terminated Credit Facility"). The $300 million Terminated Credit Facility entered into in 2014 and subsequently amended five times was scheduled to mature on February 4, 2026, but the parties agreed to terminate it effective October 10, 2025. The Terminated Credit Facility, five amendments, and two extensions are incorporated by reference to Exhibits 10.36, 10.37, 10.38, 10.39, 10.40, 10.41, 10.42, and 10.43 in Cincinnati Financial Corporation’s Index of Exhibits filed with Cincinnati Financial Corporation’s Annual Report on Form 10-K filed on February 24, 2025.

The 2025 Credit Facility is a replacement of the Terminated Credit Facility. The 2025 Credit Facility is a new $400 million unsecured revolving credit facility, which provides for revolving loans as well as the issuance of letters of credit up to an aggregate $400 million committed by the Lenders party thereto. The 2025 Credit Facility expires on October 10, 2030, with two optional one-year extensions.

The 2025 Credit Facility is fully subscribed among four lenders with the largest commitment being $125 million. The commitments of the Lenders are several and no Lender is responsible for any other Lender’s commitment if such Lender fails to make a loan. The 2025 Credit Facility includes a $400 million accordion feature, a $400 million sublimit for Letters of Credit, and a $75 million sublimit for Swing Line Loans. The 2025 Credit Facility includes financial covenants limiting Borrowers to a maximum debt to capital ratio of 35 percent. Amounts due under the 2025 Credit Facility may be accelerated upon an Event of Default, such as failure to pay amounts when due, breach of a representation or warranty, or breach of a covenant, if not otherwise waived or cured.

Although the right to borrow under the 2025 Credit Facility is not subject to a minimum rating requirement, the costs of maintaining the 2025 Credit Facility and borrowing under it are based on ratings of Cincinnati Financial Corporation’s non-credit-enhanced, senior unsecured long-term debt.

Certain of the Lenders and agents (and their respective subsidiaries or affiliates) under the 2025 Credit Facility have in the past provided, and may in the future provide, investment banking, underwriting, lending, commercial banking, trust and other advisory services to the Borrowers, and Borrowers' subsidiaries or affiliates. These parties have received, and may in the future receive, customary compensation from the Borrowers, and Borrowers' subsidiaries and affiliates, for such services.

The foregoing description of the 2025 Credit Facility does not purport to be complete and is qualified in its entirety by the full terms of the 2025 Credit Facility dated October 10, 2025, which is filed as Exhibit 10.1 hereto.



Item 9.01 Financial Statements and Exhibits.

(c)     Exhibits

Exhibit 10.1 –     $400,000,000 Revolving Credit Facility dated October 10, 2025, among Cincinnati Financial Corporation and CFC Investment Company as borrowers, Fifth Third Bank N.A., as administrative agent, and the other Lenders party thereto.

Exhibit 104 –    The cover page from this Current Report on Form 8-K, formatted as Inline XBRL

Signature

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.
CINCINNATI FINANCIAL CORPORATION
Date: October 10, 2025/S/ Michael J. Sewell
Michael J. Sewell, CPA
Chief Financial Officer, Executive Vice President and Treasurer
(Principal Accounting Officer)



Source: View Original Filing on SEC EDGAR

FAQ

What did Cincinnati Financial (CINF) announce in this 8-K?

Cincinnati Financial entered a new $400,000,000 unsecured revolving credit facility dated October 10, 2025, replacing a prior $300,000,000 facility.

When does the new CINF credit facility mature?

The facility expires on October 10, 2030 with two optional one-year extensions.

Are there financial covenants in the new CINF facility?

Yes; the facility includes a covenant limiting Borrowers to a maximum debt-to-capital ratio of 35%.

How much can lenders issue for letters of credit or swing loans under CINF's facility?

The facility has a $400,000,000 sublimit for letters of credit and a $75,000,000 sublimit for Swing Line Loans.

Does the new facility require a minimum credit rating to borrow?

No minimum rating is required to borrow, but costs and borrowing rates are tied to the company's unsecured long-term debt ratings.

Who is the administrative agent and who are the borrowers named?

Fifth Third Bank N.A. is the administrative agent and the borrowers are Cincinnati Financial Corporation and CFC Investment Company.
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Cincinnati Finl Corp

NASDAQ:CINF

CINF Rankings

#499 Ranked by Market Cap
#1578 Ranked by Dividends

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CINF Stock Data

25.28B
153.63M
1.59%
70.32%
1.05%
Insurance - Property & Casualty
Fire, Marine & Casualty Insurance
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United States
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