Carrier Global Corp Issues New Notes

TL;DR

Carrier Global just issued new debt: 4.125% notes due 2028 and 4.500% notes due 2032.

AI Summary

On December 20, 2024, Carrier Global Corporation entered into a material definitive agreement related to the issuance of notes. Specifically, the company entered into an indenture for its 4.125% notes due 2028 and its 4.500% notes due 2032.

Why It Matters

This filing indicates Carrier Global Corp is raising capital through debt issuance, which could impact its financial leverage and future investment capacity.

Risk Assessment

Risk Level: medium — Issuing new debt increases financial obligations and leverage, which can be a medium-term risk depending on market conditions and the company's ability to service the debt.

Key Numbers

• 4.125% — Interest Rate (Rate for notes due 2028)
• 2028 — Maturity Year (Maturity year for 4.125% notes)
• 4.500% — Interest Rate (Rate for notes due 2032)
• 2032 — Maturity Year (Maturity year for 4.500% notes)

Key Players & Entities

• Carrier Global Corporation (company) — Registrant
• 4.125% notes due 2028 (dollar_amount) — Debt instrument issued
• 4.500% notes due 2032 (dollar_amount) — Debt instrument issued
• December 20, 2024 (date) — Date of report and earliest event

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock ($0.01 par value) CARR New York Stock Exchange
• $2.5 billion — agent, facilitating borrowings of up to $2.5 billion (the "Credit Agreement"). Except as oth
• $500 million — inistrative agent, which provided for a $500 million senior unsecured 364-day revolving cred
• $2 billion — inistrative agent, which provided for a $2 billion senior unsecured 5-year revolving credi

Filing Documents

• carr-20241220.htm (8-K) — 37KB
• exhibit101-carrierx5xyearr.htm (EX-10.1) — 845KB
• 0001783180-24-000093.txt ( ) — 1182KB
• carr-20241220.xsd (EX-101.SCH) — 3KB
• carr-20241220_def.xml (EX-101.DEF) — 7KB
• carr-20241220_lab.xml (EX-101.LAB) — 28KB
• carr-20241220_pre.xml (EX-101.PRE) — 16KB
• carr-20241220_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On December 20, 2024, Carrier Global Corporation (the "Company") refinanced and replaced the Prior Credit Agreements (as defined below) by entering into a 5-year senior unsecured revolving credit agreement among the Company, Carrier Intercompany Lending Designated Activity Company and Carrier Treasury Services Ireland Limited as borrowers, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, facilitating borrowings of up to $2.5 billion (the "Credit Agreement"). Except as otherwise described herein, the terms of the Credit Agreement are substantially similar to the Prior Credit Agreements. The Credit Agreement refinanced and replaced the Prior Credit Agreements, and will support the cash requirements of the Company and the Company's commercial paper program. Borrowings under the Credit Agreement may be made in either U.S. Dollars or Euros. For U.S. Dollar borrowings, interest can be charged at either the Term SOFR Rate plus 0.10% and a ratings-based margin, or alternatively at the Alternate Base Rate plus a ratings-based margin. Euro borrowings bear interest at the Adjusted EURIBOR Rate plus a ratings-based margin. The Credit Agreement contains customary representations and warranties for investment grade financings. The Credit Agreement also contains (i) certain customary affirmative covenants, including those that impose certain reporting and/or performance obligations on the Company, (ii) certain customary negative covenants that generally restrict, subject to various exceptions, the Company from taking certain actions, including, without limitation, incurring certain liens and consummating certain fundamental changes, (iii) a financial covenant in the form of a consolidated leverage ratio and (iv) customary events of default (including a change of control) for financings of this type. All terms used but not defined in this Current Report on Form 8-K are as defined in the Credi

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. Simultaneous with the entry into the Credit Agreement, the Company terminated (i) its existing senior unsecured 364-day revolving credit agreement, dated as of May 17, 2024 (the "Prior 364-Day Credit Agreement") among the Company and Carrier Intercompany Lending Designated Activity Company as borrowers, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, which provided for a $500 million senior unsecured 364-day revolving credit facility and (ii) its existing senior unsecured 5-year revolving credit agreement, dated as of May 19, 2023 (the "Prior 5-Year Credit Agreement", together with the Prior 364-Day Credit Agreement, the "Prior Credit Agreements") among the Company and Carrier Intercompany Lending Designated Activity Company as borrowers, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, which provided for a $2 billion senior unsecured 5-year revolving credit facility. Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Exhibit Description 10.1* Revolving Credit Agreement, dated as of December 20, 2024, among Carrier Global Corporation, Carrier Intercompany Lending Designated Activity Company and Carrier Treasury Services Ireland Limited as borrowers, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. * Certain exhibits and schedules to this Exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the Securities and Exchange Commission upon its request.

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. CARRIER GLOBAL CORPORATION (Registrant) Date: December 20, 2024 By: / S / PATRICK GORIS Patrick Goris Senior Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR