Carrier Global Corp. Terminates Material Definitive Agreement
Ticker: CARR · Form: 8-K · Filed: Jun 3, 2024 · CIK: 1783180
| Field | Detail |
|---|---|
| Company | Carrier Global CORP (CARR) |
| Form Type | 8-K |
| Filed Date | Jun 3, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $1.0 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: agreement-termination, filing, regulation-fd
Related Tickers: CARR
TL;DR
Carrier Global Corp. terminated a key deal, filing an 8-K on June 3, 2024.
AI Summary
On June 3, 2024, Carrier Global Corp. filed an 8-K to disclose the termination of a material definitive agreement. The filing also included information regarding Regulation FD disclosures and financial statements and exhibits.
Why It Matters
The termination of a material definitive agreement can signal a significant shift in the company's contractual relationships or strategic direction, potentially impacting future operations and financial performance.
Risk Assessment
Risk Level: medium — Termination of a material definitive agreement can introduce uncertainty and potential financial repercussions, warranting closer scrutiny.
Key Players & Entities
- Carrier Global Corp. (company) — Filer of the 8-K
- 0000950142-24-001538 (document_id) — Accession Number for the filing
- 20240603 (date) — Filing date and period of report
FAQ
What specific material definitive agreement was terminated by Carrier Global Corp.?
The provided filing does not specify the exact name or details of the material definitive agreement that was terminated.
What is the effective date of the termination of the material definitive agreement?
The filing indicates the period of report and date as June 3, 2024, but does not explicitly state the effective date of the agreement's termination.
Are there any financial implications disclosed regarding the termination of this agreement?
The filing mentions financial statements and exhibits but does not detail specific financial implications arising from the termination of the material definitive agreement.
Does the 8-K filing provide any context or reason for the termination of the agreement?
The filing states the item information as 'Termination of a Material Definitive Agreement' but does not elaborate on the reasons behind the termination.
What other items are included in this 8-K filing besides the termination of an agreement?
This 8-K filing also includes information regarding Regulation FD Disclosure and Financial Statements and Exhibits.
Filing Stats: 809 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2024-06-03 16:05:49
Key Financial Figures
- $0.01 — nge on which registered Common Stock ($0.01 par value) CARR New York Stock Exch
- $1.0 billion — demption for cash by the Company of all $1.0 billion of the outstanding Notes on June 13, 20
Filing Documents
- eh240490043_8k.htm (8-K) — 34KB
- eh240490043_ex99.htm (EX-99) — 11KB
- logo.jpg (GRAPHIC) — 5KB
- 0000950142-24-001538.txt ( ) — 277KB
- carr-20240603.xsd (EX-101.SCH) — 4KB
- carr-20240603_def.xml (EX-101.DEF) — 27KB
- carr-20240603_lab.xml (EX-101.LAB) — 37KB
- carr-20240603_pre.xml (EX-101.PRE) — 25KB
- eh240490043_8k_htm.xml (XML) — 7KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. As previously disclosed, on May 19, 2023, Carrier Global Corporation (the "Company") entered into a senior unsecured delayed draw term loan credit agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A., as administrative agent and certain other lenders. The Credit Agreement permitted aggregate borrowings of up to 2.3 billion (the "Delayed Draw Facility") and was drawn in full by the Company on January 2, 2024, in connection with its financing of the acquisition of the climate solutions business of Viessmann Group GmbH & Co. KG. On June 3, 2024, the Company repaid the full amount outstanding under the Delayed Draw Facility, and following the repayment, terminated the Credit Agreement in its entirety. The borrowings under the Delayed Draw Facility were repaid using proceeds from the Company's previously announced sale of its security business, Global Access Solutions, to Honeywell International Inc., which was completed on June 3, 2024.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On June 3, 2024, the Company delivered a Notice of Redemption (the "Redemption Notice") to holders of the Company's outstanding 5.800% Notes due 2025 (the "Notes"), providing for the redemption for cash by the Company of all $1.0 billion of the outstanding Notes on June 13, 2024 (the "Redemption Date"). The Notes will be redeemed at a redemption price equal to the greater of: (1) 100% of the principal amount of the Notes and (2) (i) the present values of the remaining scheduled payments of principal and interest discounted to the Redemption Date at the treasury rate plus 15 basis points, less (ii) interest accrued to the Redemption Date, plus, in either case, accrued interest to the Redemption Date. The Company's press release announcing the completion of the sale of its Global Access Solutions business is attached hereto as Exhibit 99. The information furnished pursuant to this Item 7.01, including Exhibit 99, shall not be deemed to be "filed" for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit Description 99 Press release, dated June 3, 2024, issued by Carrier Global Corporation. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: June 3, 2024 CARRIER GLOBAL CORPORATION By: /s/ Patrick Goris Name: Patrick Goris Title: Senior Vice President and Chief Financial Officer