United Technologies (UTX) Prices 20M Equity Offering at $50/Unit

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United Technologies Corp. (NYSE: UTX) announced that it has successfully priced its offering of equity units. Net proceeds of the offering are expected to be used primarily to pay a portion of the cash consideration for the previously announced acquisition of Goodrich Corporation.

UTC has priced its offering of 20 million equity units with a stated amount of $50 per unit, for an aggregate amount of $1.00 billion. The equity units carry a total annual distribution rate of 7.50 percent. The reference price for the equity units is $74.35 per share. The threshold appreciation price for the equity units is $98.51 per share, which represents a premium of about 32.50 percent over the reference price.

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