---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-011191"
form_type: "8-K"
ticker: "OTIS"
cik: "0001781335"
company_name: "Otis Worldwide Corp"
filed_at: "2023-03-10T23:59:59+00:00"
generated_at: "2026-06-18T05:41:36.020485+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

# Otis enters new $1.5B credit facility maturing 2028, terminates existing one

## Summary
- New unsecured $1.5B revolving credit agreement matures March 10, 2028.
- Old facility (scheduled to expire April 3, 2025) terminated with no early termination penalties.
- Borrowings bear SOFR (plus 0.10% credit spread) or base rate; initial margin 1.25% for SOFR loans.
- Facility includes $500M accordion feature and financial covenant requiring maximum leverage ratio.
- JPMorgan Chase leads as administrative agent; syndication agents include Bank of America, Citibank, HSBC, Sumitomo Mitsui.

## SEC filing metadata
- accession: 0001140361-23-011191
- form_type: 8-K
- ticker: OTIS
- cik: 0001781335
- company_name: Otis Worldwide Corp
- filed_at: 2023-03-10T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1781335/000114036123011191/0001140361-23-011191-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1781335/000114036123011191/brhc10049467_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-011191
- JSON: https://secwatch.observer/filing/0001140361-23-011191.json
- Plain text: https://secwatch.observer/filing/0001140361-23-011191.txt

## Key facts
- Debt Financings
  Otis Worldwide Corp incurred revolving credit of $1,500 million with JPMorgan Chase Bank, N.A. at Term SOFR plus 0.10% credit spread adjustment plus applicable margin of 1.25% (o maturing March 10, 2028.
  - Instrument: revolving credit
  - Principal: $1,500 million
  - Counterparty: JPMorgan Chase Bank, N.A.
  - Rate: Term SOFR plus 0.10% credit spread adjustment plus applicable margin of 1.25% (o
  - Maturity: March 10, 2028
  - Event: incurrence
  source text: On March 10, 2023, Otis Worldwide Corporation (“ Otis ”), entered into a new credit agreement (the “ Credit Agreement ”) governing its unsecured $1,500 million revolving credit facility, which matures on March 10, 2028.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1781335/000114036123011191/0001140361-23-011191-index.htm
- Material Agreements
  Otis Worldwide Corp entered into Credit Agreement with JPMorgan Chase Bank, N.A. valued at unsecured $1,500 million revolving credit facility, matures on March 10, 2028 (effective 2023-03-10).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A.
  - Value: unsecured $1,500 million revolving credit facility, matures on March 10, 2028
  - Effective: 2023-03-10
  source text: On March 10, 2023, Otis Worldwide Corporation (“ Otis ”), entered into a new credit agreement (the “ Credit Agreement ”) governing its unsecured $1,500 million revolving credit facility, which matures on March 10, 2028.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1781335/000114036123011191/0001140361-23-011191-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.