What is the purpose of the notes offering?

The primary purpose of the notes offering is to enhance Carrier's liquidity and financial flexibility, particularly in the context of the COVID-19 pandemic. The net proceeds are intended for general corporate purposes.

Who is eligible to purchase these notes?

The notes are offered and sold only to qualified institutional buyers pursuant to Rule 144A and to non-U.S. persons outside the United States in reliance on Regulation S. They are not being registered under the U.S. Securities Act and may not be offered or sold in the U.S. without registration or an applicable exemption.

Does this filing update Carrier's historical financial statements?

No, this filing does not modify or update Carrier's historical condensed combined financial statements for the year ended December 31, 2019, or the quarter ended March 31, 2020. The pro forma information is supplementary and gives effect to the separation and distributions.

CARR 8-K SEC Disclosure

Q: Why is Carrier providing pro forma financial information?

Carrier is providing pro forma condensed combined financial information to reflect the financial impact of its separation from United Technologies Corporation (UTC) and the subsequent distributions. This gives investors a clearer view of Carrier's financial position and performance as an independent company.

Summary

Carrier Global Corporation (CARR) filed an 8-K on June 16, 2020, to announce the commencement of a private placement of unsecured, unsubordinated notes with registration rights. The primary purpose of this offering is to enhance the company's liquidity and financial flexibility, particularly in light of the ongoing COVID-19 pandemic, with net proceeds intended for general corporate purposes. In addition to the notes offering, the filing also provided pro forma financial information. This pro forma data reflects the separation of Carrier from United Technologies Corporation (UTC) and the subsequent distributions that occurred on April 3, 2020. While historical financial statements are not updated, the pro forma information offers a clearer view of Carrier's financial position and performance as a standalone entity post-separation, giving investors a more relevant picture of the company's financial standing and strategic positioning.

Key Highlights

1Carrier is commencing a private placement of unsecured, unsubordinated notes to raise capital.
2The notes offering is intended to bolster liquidity and financial flexibility, especially during the COVID-19 pandemic.
3Proceeds from the notes will be used for general corporate purposes.
4The offering is being conducted via a private placement to qualified institutional buyers (Rule 144A) and non-U.S. persons (Regulation S).
5The filing includes pro forma condensed combined financial information reflecting the separation from UTC.
6This pro forma data gives effect to the separation and distributions completed on April 3, 2020.
7The report does not update historical financial statements but provides a standalone perspective for investors.

CARRIER GLOBAL Corp 8-K Report, Corporate Update (Jun 16, 2020)

Summary

Key Highlights

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