Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Nyse  >  Honeywell International Inc.    HON

Delayed Quote. Delayed  - 04/29 10:02:29 pm
114.27 USD   -0.31%
04/27 HONEYWELL : Leaders To Present At Upcoming Industry Conferences
04/27DJCorrection to United Technologies Article
04/27 HONEYWELL : Process Solutions' Digital Transformation Business to He..
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 
The feature you requested does not exist. However, we suggest the following feature:

HONEYWELL INTERNATIONAL INC : Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/29/2016 | 11:07pm CEST

Item 1.01 Entry into a Material Definitive Agreement.




364-Day Credit Agreement


On April 29, 2016, Honeywell International Inc. ("Honeywell") entered into a $1.5 billion 364-Day Credit Agreement (the "364-Day Credit Agreement") with the banks, financial institutions and other institutional lenders party thereto, Citibank, N.A., as administrative agent, JPMorgan Chase Bank, N.A., as syndication agent, Bank of America, N.A., Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, National Association, as documentation agents, and Citigroup Global Markets Inc. and JPMorgan Chase Bank, N.A., as joint lead arrangers and co-book managers.

The 364-Day Credit Agreement is maintained for general corporate purposes. Amounts borrowed under the 364-Day Credit Agreement are required to be repaid no later than April 28, 2017, unless termination occurs earlier pursuant to the terms of the 364-Day Credit Agreement. The 364-Day Credit Agreement does not restrict Honeywell's ability to pay dividends, nor does it contain financial covenants. The failure to comply with customary conditions or the occurrence of customary events of default contained in the 364-Day Credit Agreement would prevent any further borrowings and would generally require the repayment of any outstanding borrowings under the 364-Day Credit Agreement. Such events of default include, among other things, (a) non-payment of 364-Day Credit Agreement debt, interest or fees; (b) non-compliance with the terms of the 364-Day Credit Agreement covenants; (c) cross-default with other debt in certain circumstances; (d) bankruptcy or insolvency; and (e) defaults on certain obligations under the Employee Retirement Income Security Act. Additionally, each of the lenders has the right to terminate its commitment to lend additional funds under the 364-Day Credit Agreement if any person or group acquires beneficial ownership of 30 percent or more of Honeywell's voting stock, or, during any 12-month period, individuals who were directors of Honeywell at the beginning of the period cease to constitute a majority of the board of directors, except to the extent individuals who at the beginning of such twelve month period were replaced by individuals (x) whose election or nomination to the board of directors was approved by a majority of remaining members of the board of directors at the time of such election or nomination or (y) who were nominated by a majority of the remaining members of the board of directors at the time of such election or nomination and subsequently elected as directors by shareholders of the Company.

At Honeywell's option, advances under the 364-Day Credit Agreement would be (1) denominated in U.S. Dollars and would bear interest at the Base Rate (as defined below) plus the Applicable Margin minus 1.0% or (2) denominated in U.S. Dollars or in Euros and would bear interest at the Eurocurrency Rate (defined as reserve-adjusted LIBOR or EURIBOR, as applicable), plus the Applicable Margin. 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 and (c) LIBOR for a one month period (subject to a floor of zero) plus 1.00%. The Applicable Margin is based on Honeywell's credit default swap mid-rate spread subject to a floor and a cap based on Honeywell's debt rating.

Honeywell has agreed to pay a commitment fee on the aggregate unused commitment for the 364-Day Credit Agreement, 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 0.030% per annum if Honeywell maintains its Public Debt Rating 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 a step-up to 0.040% 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 a further step-up to 0.060% per annum if Honeywell's Public Debt Rating level falls below Level 2. The 364-Day Credit Agreement is not subject to termination based upon a decrease in Honeywell's debt ratings or as a result of a Material Adverse Change (as defined in the 364-Day Credit Agreement).

The foregoing description of the 364-Day Credit Agreement is not intended to be complete and is qualified in its entirety by reference to the 364-Day Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Amendment No. 2 to the Five Year Credit Agreement

On April 29, 2016, Honeywell entered into Amendment No. 2 (the "Amendment") to the Amended and Restated Five Year Credit Agreement dated as of July 10, 2015, as amended by that certain Amendment No. 1 dated as of September 30, 2015 (as so amended, the "Credit Agreement"), with the banks, financial institutions and other

institutional lenders party to the Credit Agreement, Citibank, N.A., as administrative agent, Citibank International Limited, as swing line agent, JPMorgan Chase Bank, N.A., as syndication agent, Bank of America, N.A., Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, National Association, as documentation agents, and Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as joint lead arrangers and co-book managers. The Amendment, among other things, extends the Credit Agreement's termination date from July 10, 2020 to July 10, 2021.

The foregoing description of the Amendment is not intended to be complete and is qualified in its entirety by reference to the Amendment, a copy of which is attached hereto as Exhibit 10.2 and is incorporated herein by reference.

Item 1.02. Termination of a Material Definitive Agreement

On April 29, 2016, Honeywell terminated all commitments under the $3 billion credit agreement dated as of September 30, 2015, among Honeywell, the lenders party thereto and Citibank, N.A., as administrative agent (the "Existing Credit Agreement").

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an

          Off-Balance Sheet Arrangement of a Registrant.



The information set forth under Item 1.01 above regarding the 364-Day Credit Agreement and the Amendment is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits




(d) Exhibits.


The following exhibit is filed as part of this report:



Exhibit #   Description

10.1        364-Day Credit Agreement, dated as of April 29, 2016, among Honeywell
            International Inc., the banks, financial institutions and other
            institutional lenders parties thereto, Citibank, N.A., as
            administrative agent, JPMorgan Chase Bank, N.A., as syndication agent,
            Bank of America, N.A., Barclays Bank PLC, Deutsche Bank Securities
            Inc., Goldman Sachs Bank USA, Morgan Stanley MUFG Loan Partners, LLC
            and Wells Fargo Bank, National Association, as documentation agents,
            and Citigroup Global Markets Inc. and JPMorgan Chase Bank, N.A., as
            joint lead arrangers and co-book managers.

10.2        Amendment No. 2, dated as of April 29, 2016, to the Amended and
            Restated Five Year Credit Agreement dated as of July 10, 2015, as
            amended by Amendment No. 1 dated as of September 30, 2015, among
            Honeywell International Inc., the banks, financial institutions and
            other institutional lenders parties thereto, Citibank, N.A., as
            administrative agent, Citibank International Limited, as swing line
            agent, JPMorgan Chase Bank, N.A., as syndication agent, Bank of
            America, N.A., Barclays Bank PLC, Deutsche Bank Securities Inc.,
            Goldman Sachs Bank USA, Morgan Stanley MUFG Loan Partners, LLC and
            Wells Fargo Bank, National Association, as documentation agents, and
            Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as joint
            lead arrangers and co-book managers.

© Edgar Online, source Glimpses

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news on HONEYWELL INTERNATIONAL IN
04/29 HONEYWELL INTERNATIONAL INC : Entry into a Material Definitive Agreement, Termin..
04/29 HONEYWELL : Federal Contracts Awarded to Companies in Arizona (April 29)
04/29 HONEYWELL : MILITARY $821,859 Federal Contract Awarded to Honeywell Internationa..
04/29 HONEYWELL : Presolicitation Notice - 29-- STARTER,ENGINE,AIR
04/29 HONEYWELL : MILITARY $57,611 Federal Contract Awarded to Honeywell International
04/28 HONEYWELL : Patent Issued for Operations Support Systems and Methods for Calcula..
04/28 HONEYWELL : Patent Issued for Inlet Particle Separator Systems and Methods (USPT..
04/28 HONEYWELL : Federal Contracts Awarded to Companies in Arizona (April 28)
04/28 EATON : Federal Contracts Awarded by Federal Agencies in Alabama (April 28)
04/28 Federal Contracts Awarded to Companies in Indiana (April 28)
Advertisement
News chart
Full-screen chart
Income Statement Evolution
More Financials