Loan & DebtMay 7, 2026, 04:31 PM
Otis Worldwide Issues $700M 4.488% Notes Due 2029 for Debt Refinancing
AI Summary
Otis Worldwide Corporation issued $700 million in 4.488% Notes due 2029. The net proceeds, estimated at $695.2 million, will primarily be used to repay its 0.318% Notes due December 2026, which had €600 million (approximately $695 million) outstanding. The remaining proceeds will fund commercial paper repayments and general corporate purposes. The new notes are unsecured, unsubordinated obligations.
Key Highlights
- Otis Worldwide issued $700 million aggregate principal amount of notes.
- The new notes bear interest at 4.488% per annum.
- The notes mature on May 7, 2029.
- Net proceeds are estimated at approximately $695.2 million.
- Proceeds will repay €600 million (approx. $695 million) of 0.318% Notes due 2026.
- Interest on the new notes is payable semi-annually, starting November 7, 2026.
Price Impact
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