Honeywell's Aerospace Unit to Secure Up to $20 Billion Ahead of Planned Spin-Off

Deep News03-07

Honeywell's aerospace division is set to raise up to $20 billion through two new credit facilities and a private placement of senior notes, a move tied to its planned separation from the parent company.

The aerospace unit will issue up to $16 billion in secured senior notes, which will be backed by Honeywell's unsecured senior guarantee until the spin-off is finalized. Additionally, the division has secured a $3 billion five-year unsecured revolving credit facility, as well as a $1 billion 364-day unsecured revolving credit arrangement.

The spin-off is expected to be completed in the third quarter of this year. Honeywell indicated that the senior notes will be offered to qualified institutional buyers. Bank of America Securities, Morgan Stanley, and Goldman Sachs have been named as joint book-running managers for the note offering.

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