Honeywell obtains $1.5 billion 364-day revolving credit facility

By Sarah Lizee

Olympia, Wash., April 13 – Honeywell International Inc. entered into a 364-day credit agreement on Friday with Citibank, NA as administrative agent, providing for revolving credit commitments of $1.5 billion, according to an 8-K filing with the Securities and Exchange Commission.

Citi and JPMorgan Chase Bank, NA are the joint lead arrangers and co-bookrunners. JPMorgan is the syndication agent. Bank of America, NA, Barclays Bank plc, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, NA are the documentation agents.

Borrowings bear interest at Libor plus 75 basis points to 100 bps, based on public debt ratings. There is a commitment fee that ranges from 3 bps to 6 bps, also based on ratings.

Proceeds will be used for general corporate purposes.

Amounts borrowed are required to be repaid no later than April 9, 2021, unless advances are converted to a term loan that would be required to be repaid on April 9, 2022.

There are no financial covenants.

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

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