Carrier Global Corp Prices $1.5B in Notes

Ticker: CARR · Form: 8-K · Filed: 2024-06-07T00:00:00.000Z

Sentiment: neutral

Topics: debt-financing, notes-issuance, capital-structure

TL;DR

Carrier just dropped $1.5B in new debt across three tranches. Big refinancing play.

AI Summary

Carrier Global Corporation announced on June 6, 2024, a series of significant debt financings. The company issued $1.5 billion in senior unsecured notes, comprising $500 million of 4.375% notes due 2025, $500 million of 4.125% notes due 2028, and $500 million of 4.500% notes due 2032. This move is part of the company's ongoing capital structure management.

Why It Matters

Carrier Global's issuance of new debt indicates its strategy for managing its capital structure and potentially funding future operations or acquisitions.

Risk Assessment

Risk Level: low — The filing is a routine debt issuance announcement, not indicating any immediate operational or financial distress.

Key Numbers

$1.5B — Senior Unsecured Notes Issued (Total principal amount raised through the issuance of notes due in 2025, 2028, and 2032.)
4.375% — Interest Rate on 2025 Notes (Coupon rate for the $500 million notes maturing in 2025.)
4.125% — Interest Rate on 2028 Notes (Coupon rate for the $500 million notes maturing in 2028.)
4.500% — Interest Rate on 2032 Notes (Coupon rate for the $500 million notes maturing in 2032.)

Key Players & Entities

CARRIER GLOBAL Corp (company) — Registrant
June 6, 2024 (date) — Date of earliest event reported
$1.5 billion (dollar_amount) — Total principal amount of senior unsecured notes issued
$500 million (dollar_amount) — Principal amount of 4.375% notes due 2025
$500 million (dollar_amount) — Principal amount of 4.125% notes due 2028
$500 million (dollar_amount) — Principal amount of 4.500% notes due 2032

FAQ

What is the total principal amount of the senior unsecured notes issued by Carrier Global Corporation?

Carrier Global Corporation issued a total principal amount of $1.5 billion in senior unsecured notes.

What are the maturity dates for the newly issued notes?

The notes mature in 2025, 2028, and 2032.

What are the specific interest rates for each tranche of notes?

The notes due 2025 have a 4.375% interest rate, the notes due 2028 have a 4.125% interest rate, and the notes due 2032 have a 4.500% interest rate.

What is the purpose of this debt issuance?

The filing states this is part of the company's capital structure management, implying it's for general corporate purposes or refinancing.

When was the date of the earliest event reported in this filing?

The date of the earliest event reported is June 6, 2024.

From the Filing

0001783180-24-000062.txt : 20240607 0001783180-24-000062.hdr.sgml : 20240607 20240607162953 ACCESSION NUMBER: 0001783180-24-000062 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20240606 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240607 DATE AS OF CHANGE: 20240607 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARRIER GLOBAL Corp CENTRAL INDEX KEY: 0001783180 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] ORGANIZATION NAME: 06 Technology IRS NUMBER: 834051582 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39220 FILM NUMBER: 241029986 BUSINESS ADDRESS: STREET 1: 13995 PASTEUR BOULEVARD CITY: PALM BEACH GARDENS STATE: FL ZIP: 33418 BUSINESS PHONE: 5613652000 MAIL ADDRESS: STREET 1: 13995 PASTEUR BOULEVARD CITY: PALM BEACH GARDENS STATE: FL ZIP: 33418 FORMER COMPANY: FORMER CONFORMED NAME: Carrier Global Corp DATE OF NAME CHANGE: 20190722 8-K 1 carr-20240606.htm 8-K carr-20240606 FALSE 0001783180 12/31 0001783180 2024-06-06 2024-06-06 0001783180 us-gaap:CommonStockMember 2024-06-06 2024-06-06 0001783180 carr:A4.375NotesDue2025Member 2024-06-06 2024-06-06 0001783180 carr:A4.125NotesDue2028Member 2024-06-06 2024-06-06 0001783180 carr:A4.500NotesDue2032Member 2024-06-06 2024-06-06 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): June 6, 2024 CARRIER GLOBAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 001-39220 83-4051582 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 13995 Pasteur Boulevard Palm Beach Gardens Florida 33418 (Address of principal executive offices, including zip code) (561) 365-2000 (Registrant’s telephone number, including area code) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock ($0.01 par value) CARR New York Stock Exchange 4.375% Notes due 2025 CARR25 New York Stock Exchange 4.125% Notes due 2028 CARR28 New York Stock Exchange 4.500% Notes due 2032 CARR32 New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certai