![]() ![]() Honeywell intends to use proceeds from the current notes offering to repay a portion of the delayed draw term loan. ![]() The company has undertaken capital-raising actions earlier this year to bolster cash reserves through the duration of the pandemic, primarily including $3 billion of notes offerings in April and a $3 billion draw on its $6 billion delayed draw term loan due 2022 arranged in March. The ratings also reflect Moody's expectation of strong margins and free cash flow generation, despite a significant revenue reduction anticipated for the full year of 2020 due primarily to the adverse effects that the coronavirus pandemic has had, and will continue to have, on most of the company's end markets. Honeywell's A2 senior unsecured debt ratings reflect the company's very large portfolio of businesses that contribute strong and stable operating profit from each segment.
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