AI English summary of an SEC filing — figures as filed
Johnson Controls JCIThe company said it launched cash tender offers for up to $90,000,000 (Aggregate Tender Cap) in aggregate principal amount of its 5.125% Senior Notes due 2045 and 4.500% Senior Notes due 2047, dated May 20, 2024.
Key points
AI summaryThe company said it launched cash tender offers for up to $90,000,000 (Aggregate Tender Cap) in aggregate principal amount of its 5.125% Senior Notes due 2045 and 4.500% Senior Notes due 2047, dated May 20, 2024.
Johnson Controls listed the outstanding principal of its 5.125% Senior Notes due 2045 at $372,006,000 (acceptance priority level 1) and its 4.500% Senior Notes due 2047 at $500,000,000 (acceptance priority level 2) in the press release table. It said the amount purchased for each series will be set by priority order without exceeding the cap, and that purchases may be prorated.
The company said holders who validly tender and do not validly withdraw by 5 p.m. New York City time on June 3, 2024 will receive the Total Consideration, including the Early Tender Payment. It said holders who tender after that and at or before the Expiration Date on June 18 will receive only the Late Tender Offer Consideration, which excludes the Early Tender Payment.
The company said the Total Consideration will be set using a fixed spread of +90 basis points plus a yield based on U.S. Treasury reference securities, and the Early Tender Payment is $50 per $1,000 principal amount. It said it plans to fund the purchases with cash on hand and ordinary course commercial paper borrowings, and expects settlement on June 21, 2024 unless it elects an earlier settlement date.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Cash Tender Offers for Up to $90,000,000 Aggregate Principal
The company said it launched cash tender offers for up to $90,000,000 (Aggregate Tender Cap) in aggregate principal amount of its 5.125% Senior Notes due 2045 and 4.500% Senior Notes due 2047, dated May 20, 2024.
Source · Based on the filing body and exhibits
Outstanding Principal and Purchase Priority
Johnson Controls listed the outstanding principal of its 5.125% Senior Notes due 2045 at $372,006,000 (acceptance priority level 1) and its 4.500% Senior Notes due 2047 at $500,000,000 (acceptance priority level 2) in the press release table. It said the amount purchased for each series will be set by priority order without exceeding the cap, and that purchases may be prorated.
Source · Based on the filing body and exhibits
Early Tender Deadline and Consideration Structure
The company said holders who validly tender and do not validly withdraw by 5 p.m. New York City time on June 3, 2024 will receive the Total Consideration, including the Early Tender Payment. It said holders who tender after that and at or before the Expiration Date on June 18 will receive only the Late Tender Offer Consideration, which excludes the Early Tender Payment.
Source · Based on the filing body and exhibits
Pricing Method, Funding and Settlement
The company said the Total Consideration will be set using a fixed spread of +90 basis points plus a yield based on U.S. Treasury reference securities, and the Early Tender Payment is $50 per $1,000 principal amount. It said it plans to fund the purchases with cash on hand and ordinary course commercial paper borrowings, and expects settlement on June 21, 2024 unless it elects an earlier settlement date.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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