Honeywell Upsizes Dollar Tender to $4.67B After $7.21B Early Tenders
Honeywell raised its dollar tender offer maximum from $3.75 billion to $4.67 billion and saw $7.21 billion of its $13.01 billion in notes tendered by the March 19 early participation date. It amended its euro tender to accept valid tenders at levels 1–6, with €2.60 billion of €4.90 billion tendered and April 10 redemptions for 3.500% and 2.250% notes.
1. Early Participation Results
As of March 19, Honeywell’s dollar tender saw $7.21 billion tendered against $13.01 billion outstanding across 17 series, representing acceptance priority levels 1 through 17. The euro tender had €2.60 billion of €4.90 billion tendered across seven series by the early participation deadline.
2. Dollar Tender Upsizing
Honeywell increased the dollar tender offer maximum from $3.75 billion to $4.67 billion to accommodate strong investor demand, while maintaining all other terms. Withdrawal rights expired at 5:00 p.m. New York City time on March 19, locking in the early participation results.
3. Euro Tender Offer Amendments and Redemptions
The euro tender offer was amended to accept all valid tenders at acceptance priority levels 1–6, with the final euro cap to be announced after the reference yield determination. Unpurchased 3.500% 2027 and 2.250% 2028 notes are slated for redemption on April 10 if not previously bought back.