RTX Corp (RTX): debt financing — RTX launches $10B accelerated share repurchase and $10B bridge loan

RTX Corp

ASR agreements with Morgan Stanley, Citibank, Goldman Sachs for $10B aggregate; initial delivery of ~108.45M shares on Oct 26, 2023.
Final share count based on VWAP during calculation period; final settlement by Q3 2024.
Bridge Credit Agreement provides $10B senior unsecured loan to fund ASR; matures 364 days after funding date.
Borrowings bear interest at SOFR plus 100-137.5 bps (or alternate base rate plus 0-37.5 bps), with step-ups and duration fees after 90/180/270 days.
Board authorized share repurchase on Oct 21, 2023; company intends to refinance bridge with long-term debt.

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

RTX Corp incurred credit facility of $10.0 billion with Citibank, N.A., as administrative agent at alternate base rate or the term Secured Overnight Financing Rate ("SOFR"), in ea maturing 364 days after the date loans are made.

Instrument: credit facility
Principal: $10.0 billion
Counterparty: Citibank, N.A., as administrative agent
Rate: alternate base rate or the term Secured Overnight Financing Rate ("SOFR"), in ea
Maturity: 364 days after the date loans are made
Event: incurrence

Exact text from the filing

The Credit Agreement provides for $10.0 billion in senior unsecured bridge loan facilities, which will be available until and including November 3, 2023, to fund the ASR and pay related fees and expenses.

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RTX Corp filing history →

Source: SEC EDGAR

accession 0001140361-23-049417

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