United Technologies Corporation completed approximately $14.5 billion in bond offerings for two of its subsidiaries, Otis Worldwide Corporation and Carrier Global Corporation, in anticipation of their spin-offs.
Carrier issued $9.125 billion of notes, with BofA Securities, Citigroup Global Markets and Goldman Sachs acting as joint book-running representatives of the purchaser syndicate. Otis issued $5.3 billion of notes, with Goldman Sachs, J.P. Morgan Securities and Morgan Stanley acting as book runners. The notes initially benefit from a guarantee by United Technologies, which will terminate when the spin-offs are completed. Also in connection with the spin-offs, United Technologies conducted cash tender offers for outstanding notes.
The S&C team advising the banks on the Carrier and Otis bond offerings, the United Technologies liability management transaction and the tender offers was led by Robert Risoleo, a partner in the Capital Markets Group and the Finance and Restructuring Group.