Equipment and services company CNH signed an agreement for a €3.25 billion ($3.47 billion) committed revolving credit facility, which is intended for general corporate purposes of the company. According to an 8K filed with the SEC, the facility is unsecured.

The facility was entered into with a group of 18 banks, including Citibank Europe as facility agent, according to the 8K. The banks are providing aggregate commitments in excess of €3.5 billion ($3.74 billion), as the facility can be increased by up to €500 million ($534.36 million), according to the 8K.

The facility has a five-year tenor with two extension options of one year each, exercisable on the first and second anniversary of the signing date. The facility replaces an existing five-year, €4 billion ($4.27 billion) facility due to mature in March 2026.

The final size of the facility, set at €3.25 billion ($3.47 billion), aligns with reduced funding needs of CNH following its demerger of Iveco Group.