United Technologies has prepaid the remaining US$1bn of a US$2bn bridge loan it secured to support its US$16.5bn acquisition of defence manufacturer Goodrich.
The group prepaid the first US$1bn of this loan, which was secured back in April with…
United Technologies has prepaid the remaining US$1bn of a US$2bn bridge loan it secured to support its US$16.5bn acquisition of defence manufacturer Goodrich.
The group prepaid the first US$1bn of this loan, which was secured back in April with JPMorgan, Citigroup, HSBC and BofA Merrill Lynch, on 5 November. The facility was due to mature at the end of this year and each lead arranger committed US$500m.
UTC raised a total of US$12.8bn in new financing to acquire Goodrich, in a deal that closed on 26 July 2012. As well as the US$2bn term loan, this financing comprised US$1bn of new equity units, and US$9.8bn in fixed and floating rate notes due to mature between 2013 and 2042.
The group also plans to sell a number of assets to support the Goodrich deal, including its rocket systems developer Rocketdyne, which it is selling to space technology manufacturer GenCorp for US$550m.
