8-K filed May 25, 2023, 7:59 PM ET ticker CARR CIK 0001783180

debt confidence high sentiment neutral materiality 0.65

CARRIER GLOBAL Corp (CARR): debt financing — Carrier enters $2B revolver, €2.3B term loan to help finance Viessmann acquisition

CARRIER GLOBAL Corp

Entered 5-year $2B revolving credit facility, 364-day $500M revolver, and €2.3B delayed draw term loan.
Term loan will finance part of the acquisition of Viessmann climate solutions business (previously announced April 25, 2023).
Prior $2B revolver terminated; bridge loan facility reduced from €8.2B to €5.9B.
Credit agreements include customary covenants and ratings-based pricing.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CARRIER GLOBAL Corp incurred revolving credit of $2,000,000,000 with JPMorgan Chase Bank, N.A. as administrative agent and various financial institutions as lenders at Term SOFR Rate plus 0.10% and a ratings-based margin, or Alternate Base Rate plu maturing May 19, 2028.

Instrument: revolving credit
Principal: $2,000,000,000
Counterparty: JPMorgan Chase Bank, N.A. as administrative agent and various financial institutions as lenders
Rate: Term SOFR Rate plus 0.10% and a ratings-based margin, or Alternate Base Rate plu
Maturity: May 19, 2028
Event: incurrence

Exact text from the filing

A 5-year senior unsecured revolving credit agreement, facilitating borrowings of up to $2 billion, with a maturity date of May 19, 2028 (the “5-Year Revolving Credit Agreement”)

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CARRIER GLOBAL Corp incurred term loan of €2,300,000,000 with JPMorgan Chase Bank, N.A. as administrative agent and various financial institutions as lenders at Term SOFR Rate plus 0.10% and a ratings-based margin, or Alternate Base Rate plu maturing Tranche A: 18 months after May 19, 2023 (November 19, 2024); Tranche B: 3 years after May 19, 2023 (May 19, 2026).

Instrument: term loan
Principal: €2,300,000,000
Counterparty: JPMorgan Chase Bank, N.A. as administrative agent and various financial institutions as lenders
Rate: Term SOFR Rate plus 0.10% and a ratings-based margin, or Alternate Base Rate plu
Maturity: Tranche A: 18 months after May 19, 2023 (November 19, 2024); Tranche B: 3 years after May 19, 2023 (May 19, 2026)
Event: incurrence

Exact text from the filing

A senior unsecured delayed draw term loan credit agreement that permits borrowings of up to €2.3 billion, which commitments are in two tranches of equal amount: Tranche A, maturing 18 months after the Closing Date, and Tranche B, maturing 3 years after the Closing Date

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.7

CARRIER GLOBAL Corp incurred revolving credit of $500,000,000 with JPMorgan Chase Bank, N.A. as administrative agent and various financial institutions as lenders at Term SOFR Rate plus 0.10% and a ratings-based margin, or Alternate Base Rate plu maturing 364 days from May 19, 2023.

Instrument: revolving credit
Principal: $500,000,000
Counterparty: JPMorgan Chase Bank, N.A. as administrative agent and various financial institutions as lenders
Rate: Term SOFR Rate plus 0.10% and a ratings-based margin, or Alternate Base Rate plu
Maturity: 364 days from May 19, 2023
Event: incurrence

Exact text from the filing

A 364-day senior unsecured revolving credit agreement, facilitating borrowings of up to $500 million (the “364-Day Revolving Credit Agreement”)

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

CARRIER GLOBAL Corp entered into Term Loan Credit Agreement with JPMorgan Chase Bank, N.A. valued at €2,300,000,000 (effective 2023-05-19).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: €2,300,000,000
Effective: 2023-05-19

Exact text from the filing

3. A senior unsecured delayed draw term loan credit agreement that permits borrowings of up to €2.3 billion, which commitments are in two tranches of equal amount: Tranche A, maturing 18 months after the Closing Date, and Tranche B, maturing 3 years after the Closing Date (together, the "Term Loan Credit Agreement"

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

CARRIER GLOBAL Corp terminated Prior Credit Agreement with various financial institutions valued at $2,000,000,000 (effective 2023-05-19).

Action: termination
Agreement: credit facility
Counterparty: various financial institutions
Value: $2,000,000,000
Effective: 2023-05-19

Exact text from the filing

Simultaneous with the entry into the New Credit Agreements, the Company terminated its existing revolving credit agreement, initially dated February 10, 2020, and subsequently amended by that certain Amendment No. 1 on June 2, 2020 and Amendment No. 2 on November 15, 2021 (as previously amended, the "Prior Credit Agreement"), which provided for a $2.0 billion senior unsecured revolving credit facility.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

CARRIER GLOBAL Corp entered into 364-Day Revolving Credit Agreement with JPMorgan Chase Bank, N.A. valued at $500,000,000 (effective 2023-05-19).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $500,000,000
Effective: 2023-05-19

Exact text from the filing

2. A 364-day senior unsecured revolving credit agreement, facilitating borrowings of up to $500 million (the "364-Day Revolving Credit Agreement"),

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

CARRIER GLOBAL Corp entered into 5-Year Revolving Credit Agreement with JPMorgan Chase Bank, N.A. valued at $2,000,000,000 (effective 2023-05-19).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $2,000,000,000
Effective: 2023-05-19

Exact text from the filing

On May 19, 2023, Carrier Global Corporation (the "Company") entered into the following credit agreements: 1. A 5-year senior unsecured revolving credit agreement, facilitating borrowings of up to $2 billion, with a maturity date of May 19, 2028 (the "5-Year Revolving Credit Agreement"),

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Source: SEC EDGAR

accession 0000950142-23-001541

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