secwatch.observer — SEC 8-K summary
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Issuer:     Otis Worldwide Corp (OTIS)
CIK:        0001781335
Form:       8-K
Filed at:   2023-03-10T23:59:59+00:00
Accession:  0001140361-23-011191
Event type: debt
Sentiment:  neutral
Materiality: 0.30
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1781335/000114036123011191/0001140361-23-011191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1781335/000114036123011191/brhc10049467_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-011191

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