Westinghouse Air Brake Technologies Establishes $2.0 Billion Commercial Paper Program

Event Overview

On October 1, 2026, Westinghouse Air Brake Technologies Corporation (operating as Wabtec, NYSE: WAB) disclosed under Item 2.03 the establishment of an unsecured commercial paper program.

Key Program Terms

• Capacity: The program permits Wabtec to issue short-term, unsecured commercial paper notes up to an aggregate principal amount of $2,000,000,000 outstanding at any time.
• Maturity: Notes issued under the program will have maturities of up to 397 days from the issuance date.
• Pricing & Yield: Notes will be sold under customary commercial paper market terms, either at par or at a discount, bearing interest rates established at issuance.
• Guarantees: The notes will be unconditionally guaranteed by several key operating subsidiaries, including:
  • GE Transportation, a Wabtec Company
  • RFPC Holding Corp.
  • Transportation IP Holdings, LLC
  • Transportation Systems Services Operations Inc.
  • Wabtec Components LLC
  • Wabtec Holding, LLC
  • Wabtec Railway Electronics Holdings, LLC
  • Wabtec Transportation Systems, LLC
  • Wabtec US Rail, Inc.
• Placement Exemption: The notes and guarantees are being issued in private placements exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933.
• Current Issuance Status: As of the report date, no notes had been issued under the program.

Financial & Strategic Context

The establishment of a $2.0 billion commercial paper facility is a standard liquidity management action for investment-grade corporations. It provides Wabtec with lower-cost, flexible, short-term working capital financing to optimize cash management and refinance maturing short-term obligations alongside existing credit facilities.