United Technologies Corp.
) recently announced the final results of its debt offering for
outstanding Senior Notes due 2015, Senior Notes due 2016, and
Senior Notes due 2019. The company agreed to purchase all the
tendered notes that were validly tendered subject to certain
terms and conditions.
The Senior Notes due 2016 and the Senior Notes due 2019 were
issued by Goodrich Corporation, a wholly owned-subsidiary of
United Technologies, while the Senior Notes due 2015 were issued
by the company itself. The company also announced that the
principal amount validly tendered for the Senior Notes were
approximately $673.5 million for the 2015 Notes, $102.9 million
for the 2016 Notes and $97.8 million for the 2019 Notes,
aggregating $874.2 million.
Goldman Sachs Group, Inc.
) served as the Lead Dealer Manager for the offering.
In the last reported quarter, United Technologies had a long-term
outstanding debt of $21,572 million with cash and cash
equivalents totaling $4,767 million. The debt tender is a
strategic move to strengthen its balance sheet.
Based in Hartford, Conn, United Technologies provides high-end
technology products and services to the building systems and
aerospace industries worldwide. The company is a diversified
business conglomerate serving various end markets, such as
aerospace, defense and commercial construction.
The operations of the company are primarily classified into two
principal businesses: commercial and aerospace. Under its
commercial business, the company has Otis elevators and
escalators and the UTC Climate, Controls & Security division
which combined the former Carrier and UTC Fire & Security
divisions. The aerospace business of the company consists of
Sikorsky aircraft and the UTC Propulsion & Aerospace Systems,
which includes UTC Aerospace Systems and Pratt & Whitney
United Technologies currently caries a Zacks Rank #3 (Hold).
Other companies in the industry that are worth mentioning include
Compass Diversified Holdings
), both carrying a Zacks Rank #2 (Buy).
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