Carrier Global (CARR) completed on November 4, 2026 the issuance of US$ 1.5 billion in notes (debt securities), split into two series of US$ 750 million each. One series carries interest of 5.000% per year and matures on November 4, 2029; the other pays 5.350% per year and matures on November 4, 2033.
The company intends to use the net proceeds to refinance existing debt, including repaying, at maturity, 2.493% notes due February 15, 2027. Any remainder will be used for general corporate purposes and working capital, which may include repaying borrowings under the company's commercial paper (short-term securities) program.
Interest will be paid semiannually, on May 4 and November 4 of each year, beginning May 4, 2027. The notes are senior unsecured obligations and rank equally with Carrier's other unsubordinated debt.
Carrier may redeem the notes early, in whole or in part. Before October 4, 2029 (2029 series) and September 4, 2033 (2033 series), redemption will follow the make-whole price (an amount calculated based on future interest) provided in the contract; after those dates, it will be at 100% of the principal amount plus accrued interest. In the event of a change of control that results in a downgrade, holders may require repurchase at 101% of the principal amount plus accrued interest.
The offering was led by Morgan Stanley, J.P. Morgan, BofA Securities and Goldman Sachs. The underwriting agreement is dated November 2, 2026.
