United Technologies Announces Remarketing of Junior Subordinated Notes Due 2022
29 Apr, 2015, 06:31 ET
HARTFORD, Conn., April 29, 2015 /PRNewswire/ -- United Technologies Corp. (NYSE: UTX) announced that it has successfully remarketed its Junior Subordinated Notes due 2022 (CUSIP No. 913017 BZ1). The optional remarketing was completed pursuant to the terms of the governing documents for the notes that were originally issued as part of Corporate Units (NYSE: UTX PR A) (CUSIP No. 913017 117) of UTC on June 18, 2012.
In the optional remarketing, the interest rate, maturity date and certain other terms of the notes were modified. Following the completion of the remarketing, interest on the notes will be payable at a rate of 1.778 percent and the notes will mature on May 4, 2018. The remarketing is expected to close on May 4, 2015, subject to customary closing conditions.
UTC will not directly receive any proceeds from the remarketing of the notes. It is expected that on Aug. 3, 2015, which is the purchase contract settlement date for the Corporate Units, a portion of the proceeds of the portfolio of treasury securities required to be purchased with the proceeds of the remarketing will be used to settle the purchase contracts issued as part of the Corporate Units.
The offering is being made under an effective shelf registration statement on file with the Securities and Exchange Commission. This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. The offering of notes in connection with the remarketing may be made only by means of a prospectus and related prospectus supplement, copies of which may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov or by contacting:
- Merrill Lynch, Pierce, Fenner & Smith Incorporated at 1-800-294-1322 or by mail to 222 Broadway, 11th Floor, New York, NY 10038, Attn: Prospectus Department or by email at [email protected];
- Or J.P. Morgan Securities LLC at 1-212-834-4533 or by mail to 383 Madison Avenue, New York, NY 10179.
United Technologies Corp., based in Hartford, Connecticut, provides high technology systems and services to the building and aerospace industries.
This press release includes statements that constitute "forward-looking statements" under the securities laws. Forward-looking statements often contain words such as "believe," "expect," "plans," "project," "target," "anticipate," "will," "should," "see," "guidance," "confident" and similar terms. Forward-looking statements may include, among other things, statements relating to the plans, strategies, and objectives of UTC for future operations, including statements relating to a potential strategic alternative transaction relating to Sikorsky, or the terms, timing or structure of any such transaction (or whether any such transaction will take place at all); the future performance of UTC or Sikorsky if any such transaction is completed; future and estimated sales, earnings, cash flow, charges, expenditures and share repurchases; anticipated growth in sales; new products and their entry into service; anticipated benefits of organizational changes; and other measures of financial or operational performance. There can be no assurance that any transaction or future events will occur as anticipated, if at all, or that actual results will be as expected. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties include risks related to a potential separation of, or any other transaction relating to, Sikorsky; the effect of economic conditions in the markets in which we operate, including financial market conditions; fluctuation in commodity prices, interest rates and foreign currency exchange rates; future levels of research and development spending; levels of end market demand in construction and in the aerospace industry; levels of air travel; financial condition of commercial airlines; the impact of government budget and funding decisions on the economy; changes in government procurement priorities and funding; weather conditions and natural disasters; delays and disruption in delivery of materials and services from suppliers; company- and customer- directed cost reduction efforts and restructuring costs and consequences thereof; the impact of acquisitions, dispositions, joint ventures and similar transactions; challenges in the development and production of new products and services; the impact of diversification across product lines, regions and industries; the impact of legal proceedings, investigations and other contingencies; pension plan assumptions and future contributions; the effect of changes in tax, environmental and other laws and regulations and political conditions; and other factors beyond our control. The forward-looking statements speak only as of the date of this release and we undertake no obligation to update or revise any forward-looking statements as of a later date. For additional information identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see our reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time, including, but not limited to, the information included in UTC's Forms 10-K and 10-Q under the headings "Business," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Legal Proceedings" and in the notes to the financial statements included in UTC's Forms 10-K and 10-Q.
Contact: Danielle Canzanella
SOURCE United Technologies Corp.
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