Raytheon Technologies readies two-part offering of fixed-rate notes; talk emerges

Chicago, Nov. 1 – Raytheon Technologies Corp. is planning to sell two series of fixed-rate notes, according to a 424B2 filing with the Securities and Exchange Commission.

The offering will feature notes due March 15, 2032 with price talk in the Treasuries plus 95 basis points area and notes due March 15, 2052 talked to yield in the Treasuries plus 120 bps area, a market source told Prospect News.

Both notes will have an optional make-whole call and then an optional par call.

BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are listed as the joint bookrunners.

Proceeds will be used to fund a capped tender offer for up to $2.1 billion that Raytheon started for 14 series of notes on Monday. Any remaining proceeds may be used for general corporate purposes, which may include working capital, capital expenditures, acquisitions of or investments in businesses or assets and redemption and repayment of short-term or long-term borrowings.

The aerospace and defense company is based in Waltham, Mass.

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