Free Trial

Johnson Controls (Baa2/BBB+): HVAC Asset Sales

CAPITAL GOODS


• Bloomberg reported after our close Friday that potential bidders are lining up for JCI HVAC assets worth up to $5bn.

• The possible sale was first reported in January.

• With FY23 EBITDA of $4.1bn and $8bn net debt, the transaction would imply meaningful initial leverage reduction.

• BI believes proceeds would largely be returned to shareholders via buybacks leaving less of a deleveraging impact.

• € spreads are quoted unchanged today.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.