Honeywell International Inc said on Friday it had renewed a revolving credit agreement for $1.5 billion, to be used for general corporate purposes when needed.
The 364-day Credit Agreement was signed with Citibank and JPMorgan Chase, Honeywell said in a filing, adding that the loan does not does not restrict its ability to pay dividend, reports Reuters.
Money that Honeywell draws against the revolving credit agreement should be repaid no later than April 9, 2021, the company said.
The agreement comes after the industrial conglomerate entered into a $6 billion loan agreement last month to bolster liquidity as the fast-spreading coronavirus pandemic wreaks havoc on the global economy.
The company, which makes everything from aircraft engine parts to warehouse automation equipment, had $10 billion in cash at the end of 2019, with its pension liability overfunded, it said last month.
Honeywell has reported a surge in demand for its protective face masks in North America, Europe, India and China, following the novel coronavirus outbreak.
Honeywell International Inc. is an American publicly traded, multinational, conglomerate company headquartered in Charlotte, North Carolina, United States composed of four Business Groups—Aerospace, Building Technologies, Performance Materials & Technologies (PMT), and Safety & Productivity Solutions (SPS) – which produce aerospace systems, industrial products, and engineering services.
Honeywell is a Fortune 100 company, and was ranked 77th in 2018. The company has a global workforce of approximately 110,000, of whom approximately 44,000 are employed in the United States. The current chairman and chief executive officer (CEO) is Darius Adamczyk.
