Johnson Controls International Completes Offering of 3.125% Senior Notes due 2033

Johnson Controls International PLC has successfully completed an offering of €500 million aggregate principal amount of 3.125% Senior Notes due 2033. This offering, known as the Notes Offering, was conducted pursuant to an Underwriting Agreement dated December 4, 2024, involving the company and its wholly owned subsidiary, Tyco Fire & Security Finance S.C.A., along with several underwriters.

The net proceeds from the sale of the Notes are intended for general corporate purposes, including the repayment, redemption, or refinancing of outstanding commercial paper and other near-term indebtedness. Until utilized for its specified purposes, the net proceeds may be invested in short-term, interest-bearing securities or other secure instruments.

The Notes were issued under a Prospectus Supplement dated December 4, 2024, and filed with the U.S. Securities and Exchange Commission (SEC) on December 6, 2024, as part of the company’s registration statement on Form S-3. A Thirteenth Supplemental Indenture, completed on December 11, 2024, alongside a previously existing Base Indenture, facilitated the issuance of these Notes.

Key terms of the Notes include the following:
– The Notes are unsecured, unsubordinated obligations ranking senior in payment to the company’s existing and future indebtedness, among other specifications.
– They will bear annual interest at a rate of 3.125%, with payments starting on December 11, 2025, and the Notes maturing on December 11, 2033.
– Redemption options allow for early redemption at specified prices before September 11, 2033, and at 100% of principal thereafter, among other conditions.
– In the event of a Change of Control Triggering Event, holders have the right to request the purchase of their Notes.
– The Indenture contains certain covenants that restrict the company’s and its subsidiaries’ ability to incur certain liens, engage in specific transactions, and more.

The company advised that these descriptions are mere summaries and that the terms of the Indenture and the Notes should be referenced for complete information. Exhibits accompanying the filing include the Underwriting Agreement, the Base Indenture, the Thirteenth Supplemental Indenture, legal opinions, and consent forms, all integral to understanding the specifics of the offering.

Johnson Controls International’s filing with the SEC on December 11, 2024, provided investors with essential details about this recent offering and the terms associated with the issuance of the Notes.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Johnson Controls International’s 8K filing here.

About Johnson Controls International

Johnson Controls International plc, together with its subsidiaries, engages in engineering, manufacturing, commissioning, and retrofitting building products and systems in the United States, Europe, the Asia Pacific, and internationally. It operates in four segments: Building Solutions North America, Building Solutions EMEA/LA, Building Solutions Asia Pacific, and Global Products.