Caterpillar Refinances and Extends $11.5B in Global Credit Facilities

Executive Summary

On August 27, 2026, Caterpillar Inc. ($CAT) alongside its key financing subsidiaries entered into new and amended unsecured revolving credit facilities aggregating $11.5 billion across three tranches. These facilities replace and extend the company's prior credit facilities, maintaining liquidity support for general corporate purposes.

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Facility Breakdown

1. 2026 364-Day Credit Facility

   • Aggregate Capacity: Up to $3.5 billion
   • Maturity Date: August 26, 2027
   • Sub-facilities: Includes local currency sub-facilities (up to $100M equivalent in GBP/EUR and $100M equivalent in JPY).
   • Predecessor: Replaces the 2025 364-Day Facility dated August 28, 2025.

2. Three-Year Credit Facility (Fifth Amended & Restated)

   • Aggregate Capacity: Up to $3.0 billion
   • Maturity Date: August 27, 2029 (extended from August 2028)

3. Five-Year Credit Facility (Fifth Amended & Restated)

   • Aggregate Capacity: Up to $5.0 billion
   • Maturity Date: August 27, 2031 (extended from August 2030)

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Key Terms & Financial Covenants

• Borrowing Entities: Caterpillar Inc., 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).
• Caterpillar Covenant: Must maintain consolidated net worth of not less than $9.0 billion at all times.
• Cat Financial Covenants:
  • Interest coverage ratio must remain above 1.15 to 1.00.
  • Leverage ratio (consolidated debt to net worth) must not exceed 10.0 to 1.00.
• Drawn Status: As of the report date, no borrowings were outstanding under the credit facilities.