Otis Worldwide said it entered into a new credit agreement governing an unsecured $1,500 million revolving credit facility maturing on August 8, 2030 on August 8, 2025.

1. 01

   Otis Worldwide said it entered into a new credit agreement governing an unsecured $1,500 million revolving credit facility maturing on August 8, 2030 on August 8, 2025.

2. 02

   The company said it terminated all commitments outstanding under the existing credit agreement on the same day; the Terminated Credit Agreement was scheduled to expire on March 10, 2028 and no early termination penalties were incurred.

3. 03

   Otis said that under the credit agreement, U.S. dollar-denominated borrowings bear interest at either a term SOFR rate or a base rate, and euro-denominated borrowings bear interest at either a EURIBO rate or a daily simple ESTR rate, with an initial applicable margin of 1.125% for term SOFR, EURIBO and daily simple ESTR rate borrowings and 0.125% for base rate borrowings. The company said it may increase the revolving credit commitment in an aggregate amount not to exceed $500 million.

4. 04

   Otis said the obligations of its Irish subsidiary borrower, Otis Intercompany Lending Designated Activity Company, and any other subsidiary borrower under the credit agreement are guaranteed by the company. The agreement contains a financial covenant requiring Otis to maintain a maximum consolidated leverage ratio.

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