Carrier Global Completes $3 Billion and €2.35 Billion Notes Offerings

Paul, Weiss advised Carrier Global Corporation, a global leader in intelligent climate and energy solutions, in the private placement of an aggregate principal amount of $3 billion of U.S. dollar-denominated notes and €2.35 billion of euro-denominated notes, in connection with Carrier’s recently announced acquisition of the climate solutions business of Germany-based Viessmann Group.

The U.S. dollar-denominated notes consisted of $1 billion of 5.800% notes due 2025, $1 billion of 5.900% notes due 2034 and $1 billion of 6.200% notes due 2054, and the euro-denominated notes consisted of €750 million of 4.375% notes due 2025, €750 million of 4.125% notes due 2028 and €850 million of 4.500% notes due 2032. The offerings were lead-managed by J.P. Morgan, BofA Securities, Citigroup, HSBC, Barclays, Goldman Sachs & Co. LLC and Morgan Stanley.

The Paul, Weiss team included corporate partners John Kennedy and Christodoulos Kaoutzanis and counsel Matthew Friedman; intellectual property partner Claudine Meredith-Goujon; tax partners Robert Holo and Robert Killip; litigation counsel Steven Herzog; environmental counsel William O’Brien; and international trade counsel Richard Elliott.