Summary
United Technologies Corporation (now RTX Corp) filed an 8-K on November 13, 2017, to report the issuance of €750,000,000 in Floating Rate Notes due 2019. This debt offering was registered under a previously filed Form S-3ASR and involved standard underwriting and pricing agreements. The primary purpose for the net proceeds from this debt issuance is to fund the repayment of commercial paper and for general corporate purposes. Investors should note this is a debt financing event, not equity issuance, and reflects the company's strategy to manage its short-term debt obligations and maintain financial flexibility.
Key Highlights
- 1Issuance of €750,000,000 aggregate principal amount of Floating Rate Notes due 2019.
- 2The Notes were registered under a previously filed Form S-3ASR (File No. 333-211035).
- 3Proceeds will be used to repay commercial paper and for general corporate purposes.
- 4The issuance is in accordance with the Company's existing Indenture dated May 1, 2001.
- 5Underwriting and Pricing Agreements were entered into with underwriters on November 6, 2017.
- 6Legal opinions from Wachtell, Lipton, Rosen & Katz regarding the Notes are included as exhibits.