On May 17, 2024, Carrier Global entered into a senior unsecured revolving credit agreement with JPMorgan Chase Bank, N.A. as administrative agent, with borrowing capacity of up to $500 million under 364-day.

1. 01

   On May 17, 2024, Carrier Global entered into a senior unsecured revolving credit agreement with JPMorgan Chase Bank, N.A. as administrative agent, with borrowing capacity of up to $500 million under 364-day.

2. 02

   The company said the new credit agreement refinanced and replaced its prior credit agreement. It terminated the existing 364-day senior unsecured revolving credit facility, which provided for $500 million, simultaneously with entering into the new agreement on May 19, 2023.

3. 03

   The company said borrowings under the agreement may be made in U.S. Dollars or Euros. U.S. Dollar borrowings bear interest at Term SOFR plus 0.10% and a ratings-based margin, or at the Alternate Base Rate plus a ratings-based margin. Euro borrowings bear interest at the Adjusted EURIBOR Rate plus a ratings-based margin.

4. 04

   The company said the agreement includes a financial covenant in the form of a consolidated leverage ratio. It also has a term-out option that allows principal outstanding on the Scheduled Maturity Date to be extended by 1 year, subject to a 1.00% term-out premium and other customary conditions.

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