United Technologies Corp. plans to raise $9.8 billion in the largest U.S. corporate bond sale in more than three years to help finance its $16.5 billion acquisition of Goodrich Corp.
The maker of Sikorsky helicopters and Pratt & Whitney engines, which last tapped the market more than two years ago, is selling debt in six portions ranging from 18-month floating- rate notes to 30-year bonds, the Hartford, Connecticut-based company said today in a regulatory filing.
United Technologies, with investment-grade ratings from Moody's Investors Service and Standard & Poor's, is seeking to lure bond buyers as turmoil in Europe sends them to safer assets. While speculative-grade bonds in the U.S. have declined 1.3 percent this month, investment grade is unchanged, according to Bank of America Merrill Lynch index data.
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