Carrier Global Corporation filed a free writing prospectus on November 2, 2026, disclosing the pricing terms for a $1,500,000,000 two-tranche senior notes offering consisting of $750,000,000 in 5.000% Notes due 2029 and $750,000,000 in 5.350% Notes due 2033.

Key Highlights

  • Total offering size: $1,500,000,000, split equally between two tranches of $750,000,000 each.
  • 2029 Notes coupon and yield: 5.000% coupon, priced at 99.336% of par, yielding 5.242% to maturity, at a spread of +60 basis points over the benchmark Treasury.
  • 2033 Notes coupon and yield: 5.350% coupon, priced at 98.438% of par, yielding 5.623% to maturity, at a spread of +85 basis points over the benchmark Treasury.
  • Settlement date: November 4, 2026 (T+2), with gross proceeds of $745,020,000 for the 2029 Notes and $738,285,000 for the 2033 Notes.
  • Use of proceeds: According to the filing, the company "intends to use the net proceeds from the Notes to refinance certain existing indebtedness, including to repay at maturity its 2027 Notes, with any remaining net proceeds to be used for general corporate and working capital purposes."
  • Change of control protection: Upon a Change of Control Triggering Event, holders may require Carrier to repurchase notes at 101% of principal plus accrued interest.
  • Joint book-running managers: Morgan Stanley, J.P. Morgan Securities, BofA Securities, Goldman Sachs, Barclays Capital, Citigroup Global Markets, HSBC Securities, and Wells Fargo Securities.

Carrier Global's November 2026 Dual-Tranche Debt Offering: Pricing and Terms

According to the free writing prospectus filed under Registration Statement No. 333-299753, Carrier Global Corporation priced two series of senior notes on November 2, 2026. The 2029 Notes carry a 5.000% coupon and were offered at 99.336% of par, producing a yield to maturity of 5.242%. The 2033 Notes carry a 5.350% coupon and were offered at 98.438% of par, producing a yield to maturity of 5.623%. Interest on both series is payable semi-annually on May 4 and November 4 of each year, commencing May 4, 2027. Both series are denominated in minimum amounts of $2,000 and integral multiples of $1,000 in excess thereof, with a 30/360 day count convention.

The filing states that the 2029 Notes benchmark Treasury is the 4.875% UST due October 15, 2029, priced at 100-20-1/4 to yield 4.642%, resulting in a spread of +60 basis points. The 2033 Notes benchmark Treasury is the 4.875% UST due October 31, 2033, priced at 100-19-1/4 to yield 4.773%, resulting in a spread of +85 basis points. The CUSIP numbers assigned are 14448CBJ2 for the 2029 Notes and 14448CBK9 for the 2033 Notes.

Regarding optional redemption, the filing discloses that prior to October 4, 2029 (the 2029 Par Call Date), Carrier may redeem the 2029 Notes at a make-whole price using the Treasury Rate plus 10 basis points. On or after that date, redemption is at 100% of principal plus accrued interest. For the 2033 Notes, the par call date is September 4, 2033, with a make-whole rate of Treasury Rate plus 15 basis points prior to that date. The filing also notes that this pricing term sheet supplements and, to the extent inconsistent, supersedes the Preliminary Prospectus Supplement dated November 2, 2026.

What Was Disclosed

Carrier Global Corporation disclosed the final pricing terms for a $1.5 billion two-part notes offering, including coupon rates, yields, spreads, gross proceeds, settlement date, optional redemption mechanics, intended use of proceeds, and the syndicate of underwriters involved.