United Technologies has prepaid US$1bn of the US$2bn bridge term loan it secured back in April to support its US$16.5bn acquisition of defence manufacturer Goodrich.
The loan was provided by JPMorgan, Citigroup, HSBC and BofA Merrill Lynch and matures…
United Technologies has prepaid US$1bn of the US$2bn bridge term loan it secured back in April to support its US$16.5bn acquisition of defence manufacturer Goodrich.
The loan was provided by JPMorgan, Citigroup, HSBC and BofA Merrill Lynch and matures on 31 December 2012.
In order to fund its purchase of Goodrich, which was completed in July, UTC raised a total of US$12.8bn in new financing. This comprised the US$2bn term loan, US$1bn of new equity units and US$9.8bn of fixed and floating rate notes. The latter mature between 2013 and 2042.
UTC has also sought to sell a number of non-core assets in order to raise upwards of US$3bn. The most notable of these was rocket systems developer Rocketdyne, which UTC agreed to sell to space technology manufacturer GenCorp for US$550m in July.
That transaction is still pending regulatory approval with GenCorp holding discussions with the US Federal Trade Commission over its Liquid Divert and Attitude Control Systems businesses.
