CHARLOTTE, N.C., March 31, 2020 /PRNewswire/ -- Honeywell
(NYSE: HON) announced today that it has entered into a
$6 billion two-year delayed draw term
loan agreement to maximize financial flexibility and further
bolster liquidity in the event global economic conditions persist
or worsen throughout 2020.
"Honeywell is in an extremely strong position to effectively
manage the current economic environment. We closed 2019 with
$10 billion in cash on our balance
sheet, our pension liability is in an overfunded position, and our
debt commitments are manageable thanks to the smart actions we took
over the past several years to refinance our debt at attractive
rates. The term loan we announced today will further strengthen our
resilience in uncertain times," said Darius
Adamczyk, chairman and chief executive officer of
Honeywell.
Further details about the loan agreement will be contained in a
Current Report on Form 8-K to be filed by Honeywell with the U.S.
Securities and Exchange Commission.
Honeywell (http://www.honeywell.com) is a Fortune 100 technology
company that delivers industry-specific solutions that include
aerospace products and services; control technologies for buildings
and industry; and performance materials globally. Our technologies
help aircraft, buildings, manufacturing plants, supply chains, and
workers become more connected to make our world smarter, safer, and
more sustainable. For more news and information on Honeywell,
please visit www.honeywell.com/newsroom.
This release contains certain statements that may be deemed
"forward-looking statements" within the meaning of Section 21E of
the Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact, that address activities,
events or developments that we or our management intends, expects,
projects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are based upon
certain assumptions and assessments made by our management in light
of their experience and their perception of historical trends,
current economic and industry conditions, expected future
developments and other factors they believe to be appropriate. The
forward-looking statements included in this release are also
subject to a number of material risks and uncertainties, including
but not limited to economic, competitive, governmental, and
technological factors affecting our operations, markets, products,
services and prices; including the potential impact of regional or
global pandemics. Such forward-looking statements are not
guarantees of future performance, and actual results, developments
and business decisions may differ from those envisaged by such
forward-looking statements, including with respect to any changes
in or abandonment of the proposed separation. We identify the
principal risks and uncertainties that affect our performance in
Honeywell's Form 10-K, and other filings with the Securities and
Exchange Commission.
Contacts:
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|
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Media
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Investor
Relations
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Nina
Krauss
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Mark
Bendza
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(704)
627-6035
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(704)
627-6200
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nina.krauss@honeywell.com
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mark.bendza@honeywell.com
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SOURCE Honeywell