Raytheon Technologies Announces Early Tender Financial Results

Raytheon Technologies has announced at least $8.2 trillion in aggregate principal amount of the outstanding notes of Goodrich Corporation, Raytheon Company and Rockwell Collins, representing approximately 88.2 percent of the total outstanding principal amount of the subsidiary notes.

Raytheon Technologies said Tuesday it received the requisite consents from eligible noteholders to amend the subsidiary notes and related indentures under which they were issued. Subsidiary notes validly tendered and not validly withdrawn and that are accepted for exchange will be exchanged for new notes.

Each subsidiary has entered into a supplemental indenture to its respective subsidiary indenture. Each supplemental indenture will amend the applicable Subsidiary Indenture to eliminate substantially all of the restrictive covenants and events of default other than payment-related events of default.

The supplemental indentures will reduce to 15 days the minimum period for notice of redemption for each series of Subsidiary Notes subject to redemption and become effective upon their execution and delivery, but the amendments will not become operative until we accept the Subsidiary Notes for exchange and pay the applicable consideration.

The company’s holders that tender subsidiary notes will be noted to have delivered consents to the amendments with respect to such tendered subsidiary notes. Holders will not be permitted to tender their subsidiary notes without delivering consents or to deliver consents without tendering their subsidiary notes.

The exchange offers and consent solicitations are being made only pursuant to the offer to exchange. The offer to exchange and other documents relating to the exchange offers and consent solicitations will be distributed only to holders who confirm that they are within the categories of eligible participants in the exchange offers. 

The complete terms and conditions of the exchange offers and consent solicitations are set forth in the offer to exchange. The exchange offers are only being made pursuant to the offer to exchange.  

The exchange offers will not be made to holders of subsidiary notes in any jurisdiction where the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.  

About Raytheon Technologies

Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. With 195,000 employees and four industry-leading businesses ― Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense ― the company delivers solutions that push the boundaries in avionics, cybersecurity, directed energy, electric propulsion, hypersonics, and quantum physics.  The company, formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Waltham, Massachusetts.

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