Johnson Controls, Inc. today announced that it has completed its previously announced public offering of $500 million aggregate principal amount of senior notes. The senior notes have an interest rate of 5.000% and will be due on March 30, 2020.
The Company received approximately $494.2 million of net proceeds from the offering after deducting underwriting discounts and commissions and other expenses of the offering. The Company intends to use the net proceeds from the offering for general corporate purposes, including to repay short-term indebtedness that it has incurred to finance working capital requirements.
Banc of America Securities LLC, Citigroup Global Markets Inc., Barclays Capital Inc. and ING Financial Markets LLC served as joint book-running managers for the offering.