HARTFORD, Conn., Aug. 31 /PRNewswire-FirstCall/ -- United Technologies Corp. (NYSE: UTX) announced today that it has exercised its right to redeem all of the $500 million outstanding aggregate principal amount of its 6.35 Percent Notes due 2011.
The redemption date is set for Sept. 30, 2010. The redemption price will be the greater of (i) 100 percent of the principal amount of the notes or (ii) the sum of the present values of the remaining scheduled payments on the notes, discounted to the redemption date as described in the notes, using a reference rate for a comparable U.S. Treasury security plus 20 basis points. In either case, the redemption price will also include interest accrued on the notes to the redemption date. The reference rate will be calculated as of the second business day immediately preceding the redemption date.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.
From time to time, UTC may make statements that predict or forecast future events or results, depend on future events for their accuracy or otherwise contain "forward-looking information." These statements are made based on management's expectations and beliefs concerning future events and are not guarantees of future performance. Actual results may differ materially due to various risks and uncertainties. Important factors that could cause actual results to differ materially from those anticipated or implied in forward looking statements are described in UTC's Form 10-K and 10-Q Reports under the headings "Business", "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Cautionary Note Concerning Factors that May Affect Future Results", as well as the information included in UTC's Current Reports on Form 8-K.
SOURCE United Technologies Corp.