Honeywell starts tender offer for three series of senior notes

New York, Oct. 24 – Honeywell International Inc. announced a cash tender offer for three series of its senior notes.

The company is offering to buy its $400 million of 5.3% senior notes due 2017, $900 million of 5.3% senior notes due 2018 and $900 million of 5% senior notes due 2019.

Pricing for each series will be set using a reference Treasury plus a spread.

For the 2017 notes the benchmark is the 0.75% Treasury due March 15, 2017 and the spread is 15 basis points, for the 2018 notes the benchmark is the 0.75% Treasury due Feb. 28, 2018 and the spread is 25 bps, and for the 2019 notes the benchmark is the 0.75% Treasury due Feb. 15, 2019 and the spread is 35 bps.

Pricing will be set at 11 a.m. ET on Oct. 31.

The tender ends at 5 p.m. ET on Oct. 31.

Honeywell will also pay accrued interest up to but excluding the settlement date, which is expected to be Nov. 1, or Nov. 3 for notes tendered under guaranteed delivery procedures.

The tender is subject to the successful offering of new senior notes.

After the tender ends, the company plans to redeem any notes from the three series that remain outstanding.

Deutsche Bank Securities Inc. (866 627-0391 or 212 250-2955), J.P. Morgan Securities LLC (866 834-4666 or 212 834-8553), Morgan Stanley & Co. LLC (212 761-1057 or 800 624-1808) and Wells Fargo Securities, LLC (866 309-6316 or 704 410-4760) are dealer managers. Global Bondholder Services Corp. (212 430-3774, 866 470-4300 or www.gbsc-usa.com/Honeywell/) is tender agent and information agent.

Honeywell is a Morris Plains, N.J.-based diversified technology and manufacturing company.

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