Westinghouse Air Brake Technologies Corporation established a commercial paper program on October 1, 2026, with a maximum outstanding balance of $2,000,000,000. The company disclosed the arrangement in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission. The program allows Wabtec to issue short-term, unsecured commercial paper notes that will be unconditionally guaranteed by several affiliates, including GE Transportation and Wabtec US Rail, Inc. As of the filing date, the company has not issued any notes under the new program.
The notes will carry maturities of up to 397 days from the date of issue. Wabtec will sell the notes at a discount from par or at par, with interest rates determined at the time of issuance. The company will rely on one or more commercial paper dealers to purchase the notes or arrange for their sale pursuant to dealer agreements that include customary representations, warranties, and covenants. A national bank will serve as the issuing and paying agent for the program.
The notes and their guarantees are being issued on a private placement basis under Section 4(a)(2) of the Securities Act of 1933. Consequently, they have not been registered with the Securities and Exchange Commission or state securities authorities. Wabtec stated that the information in the report is neither an offer to sell nor a solicitation of an offer to buy any notes or guarantees. John A. Olin, Executive Vice President and Chief Financial Officer, signed the report on behalf of the registrant.