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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Citibank Agents $1.5B Credit Facility for Honeywell International
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Lenders/Participants
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Citibank [Administrative Agent]
JPMorgan Chase Bank [Syndication Agent]
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Structure
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Revolving Credit Commitments
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Amount
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$1.500
Billion
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Borrower(s)
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Honeywell International Inc.
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Description
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The 364-Day Credit Agreement provides for revolving credit commitments in an aggregate principal amount of $1.5 billion and is maintained for general corporate purposes. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than April 9, 2021, unless the 364-Day Credit Agreement is terminated earlier pursuant to its terms or the advances are converted to a term loan that would be required to be repaid on April 9, 2022. At Honeywell’s option, advances under the 364-Day Credit Agreement would be (1) a “Base Rate Advance” denominated in U.S. Dollars and would bear interest at the Base Rate (as defined below) plus the Applicable Margin (as described below), or (2) an “Eurocurrency Rate Advance” denominated in U.S. Dollars or in Euros and would bear interest at the Eurocurrency Rate (defined as reserve-adjusted LIBOR, subject to a floor of zero), plus the Applicable Margin. The Base Rate is the highest of (a) the rate of interest announced publicly by Citibank in New York, New York, from time to time, as Citibank’s base rate, (b) 0.5% above the federal funds rate (subject to a floor of zero), and (c) LIBOR for a one-month period (subject to a floor of zero) plus 1.00%. The Applicable Margin for Eurocurrency Rate Advances is based upon a grid determined by reference to Honeywell’s non-credit enhanced long-term senior unsecured debt rating (the “Public Debt Rating”), in an amount equal to 0.750% per annum if Honeywell’s Public Debt Rating is at a level of at least A+ by Standard & Poor’s, a Standard & Poor’s Financial Services LLC business (“Standard & Poor’s”), or A1 by Moody’s Investors Service, Inc. (“Moody’s”) (“Level 1”), with (i) a step-up to 0.875% per annum if Honeywell’s Public Debt Rating level is lower than Level 1 but at least A by Standard & Poor’s or A2 by Moody’s (“Level 2”), and (ii) a further step-up to 1.000% per annum if Honeywell’s Public Debt Rating level falls below Level 2. The Applicable Margin for Base Rate Advances is 0.000%.
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Industry
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Specialty Industries
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| Related Tags |
Citibank N.A, JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2025
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