Johnson Controls tenders for $100 million of notes from two series

By Wendy Van Sickle

Columbus, Ohio, Aug. 7 – Johnson Controls International plc announced it has begun tender offers to purchase for cash up to $100 million aggregate principal amount of notes from two series.

The notes, listed in order of acceptance priority, are

• $477,006,000 of outstanding 5.125% senior notes due 2045 (Cusip: 478375AS7), with pricing based on the 3.875% Treasury due May 15, 2043 and a fixed spread of 110 basis points; and

• $500 million of outstanding 4.5% notes due 2047 (Cusip: 478375AU2), with pricing based on the 3.375% Treasury due Nov. 15, 2048 and a fixed spread of 130 bps.

The offer will expire at 5 p.m. ET on Sept. 5.

Holders who tender their notes at or prior to 5 p.m. ET on Aug. 18, the early tender deadline, will be eligible to receive the applicable total consideration. The total consideration includes an early tender premium of $50 for each $1,000 principal amount of notes tendered by the early deadline.

Pricing will be determined at 9 a.m. ET on Aug. 21.

Holders will also receive accrued interest to but excluding the applicable settlement date.

The company currently expects to settle early tendered notes on Aug. 22. The final settlement date is expected to occur on Sept. 7.

Tenders may be withdrawn at or prior to 5 p.m. ET on Aug. 18.

Morgan Stanley (212 761-1057 or 800 624-1808) is the dealer manager for the offer.

D. F. King & Co., Inc. (888 541-9895, 212 269-5550 or jci@dfking.com) is the tender agent and information agent.

Johnson Controls is a Milwaukee-based industrial company with legal headquarters in Cork, Ireland.

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