Honeywell Aerospace to Raise Up to $20 Billion Ahead of Planned Spinoff

By Elias Schisgall

Honeywell's Aerospace division will raise up to $20 billion through two new credit facilities and a private offering of senior notes in connection with the division's planned spinoff.

Honeywell said Friday that Honeywell Aerospace would offer up to $16 billion in secured senior notes, which will be guaranteed on an unsecured senior basis by Honeywell until the spin-off is completed.

Aerospace also entered into a five-year senior unsecured revolving credit facility for $3 billion and a 364-day unsecured revolving credit facility for $1 billion.

The spinoff is expected to be completed in the third quarter of this year.

The senior notes will be sold to qualified institutional buyers, Honeywell said. Bank of America Securities, Morgan Stanley and Goldman Sachs were listed as selling noteholders.

Write to Elias Schisgall at [e-mail]

(END) Dow Jones Newswires

03-06-26 0959ET