Adds particulars on mortgage, background
Adds particulars on mortgage, background
March 31 (Reuters) – Honeywell Worldwide Inc HON.N stated on Tuesday it had entered right into a $6 billion mortgage settlement to bolster liquidity because the fast-spreading coronavirus pandemic wreaks havoc on the worldwide economic system.
The commercial conglomerate stated it entered the two-year delayed draw time period mortgage settlement to maximise monetary flexibility within the occasion that present financial circumstances persist or worsen.
“The time period mortgage we introduced at this time will additional strengthen our resilience in unsure occasions,” Chief Government Officer Darius Adamczyk stated.
The mortgage settlement was signed with Citibank C.N, Financial institution of America BAC.N, JPMorgan Chase JPM.N and Wells Fargo WFC.N, Honeywell stated.
The corporate, which makes every part from plane engine components to warehouse automation gear, had $10 billion in money on the finish of 2019, with its pension legal responsibility overfunded, it stated in a press release.
Honeywell stated final month there was a surge in demand for its protecting face masks in North America, Europe, India and China, following the coronavirus outbreak.
The corporate reaffirmed its first-quarter and full-year forecasts earlier this month.
(Reporting by Noor Zainab Hussain in Bengaluru; Modifying by Shinjini Ganguli)
(([email protected]; Inside U.S. +1 646 223 8780; Outdoors U.S. +91 80 6182 2663 or +91 80 3796 2663 ;))
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.