Obligation RaytheonTech 6.125% ( US75513EAC57 ) en USD

RaytheonTech

72.001 % ▼

Etas-Unis

US75513EAC57 ( en USD )

6.125% par an ( paiement semestriel )

01/02/2019 - Obligation échue

Prospectus brochure de l'obligation Raytheon Technologies US75513EAC57 en USD 6.125%, échue

2 000 USD

1 000 000 000 USD

75513EAC5

BBB+ ( Qualité moyenne inférieure )

Baa1 ( Qualité moyenne inférieure )

Raytheon Technologies est une société américaine multinationale de technologie et de défense qui conçoit, produit et intègre des systèmes et équipements avancés pour l'aérospatiale, la défense et les marchés commerciaux.

L'Obligation émise par RaytheonTech ( Etas-Unis ) , en USD, avec le code ISIN US75513EAC57, paye un coupon de 6.125% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 01/02/2019

L'Obligation émise par RaytheonTech ( Etas-Unis ) , en USD, avec le code ISIN US75513EAC57, a été notée Baa1 ( Qualité moyenne inférieure ) par l'agence de notation Moody's.

L'Obligation émise par RaytheonTech ( Etas-Unis ) , en USD, avec le code ISIN US75513EAC57, a été notée BBB+ ( Qualité moyenne inférieure ) par l'agence de notation Standard & Poor's ( S&P ).

424B2 1 nt10011962x2_424b2.htm 424B2
TABLE OF CONTENTS
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-234027
CALCULATION OF REGISTRATION FEE
Title of each class of
Amount to
Maximum offering
Maximum aggregate
Amount of
? ?
? ?
? ?
? ?
securities to be registered
be registered
price per unit
offering price
registration fee(1)
2.250% Notes due 2030
? ?
$1,000,000,000
? ?
99.872%
? ?
$ 998,720,000
? ?
$129,633.86
3.125% Notes due 2050
? ?
$1,000,000,000
? ?
99.667%
? ?
$ 996,670,000
? ?
$129,367.77
Total
? ?
$2,000,000,000
? ?
? ?
$1,995,390,000
? ?
$259,001.63
(1)
The registration fee is calculated in accordance with Rule 457(r) of the U.S. Securities Act of 1933, as amended.
TABLE OF CONTENTS
Prospectus Supplement
(To Prospectus dated September 27, 2019)
$2,000,000,000
?
$1,000,000,000 2.250% Notes due 2030
$1,000,000,000 3.125% Notes due 2050
Raytheon Technologies Corporation (formerly known as United Technologies Corporation) ("RTX") is offering two series of
fixed-rate notes. The 2.250% notes due 2030 (the "notes due 2030") and the 3.125% notes due 2050 (the "notes due 2050" and,
together with the notes due 2030, the "notes") will pay interest semi-annually in arrears on January 1 and July 1 of each year,
beginning on January 1, 2021. The notes due 2030 will bear interest at a rate equal to 2.250% per year, and will mature on July 1,
2030. The notes due 2050 will bear interest at a rate equal to 3.125% per year, and will mature on July 1, 2050.
We may redeem the notes, in whole or in part, at any time at the redemption prices discussed under the caption "Description of
the Notes--Optional Redemption of the Notes."
The notes will be unsecured unsubordinated obligations of ours and will rank equally with all of our other unsecured
unsubordinated indebtedness from time to time outstanding.
Investing in the notes involves certain risks. You should read this prospectus supplement and the accompanying
prospectus, including the documents incorporated by reference herein, carefully before you make your investment decision.
See "Risk Factors" beginning on page S-4 of this prospectus supplement, page 1 of the accompanying prospectus, as well as
the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2019, and our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020, which are incorporated by reference herein, for more
information.
Per Note due
Per Note due
?
?
?
?
?
?
?
?
?
?

2030
Total
2050
Total
Total
Public offering price(1)
?
?
99.872%
?
?
$998,720,000 ? ?
99.667%
?
?
$996,670,000 ? ? $1,995,390,000
Underwriting discount
?
?
0.450%
?
?
$
4,500,000? ?
0.875%
?
?
$
8,750,000 ? ? $
13,250,000
Proceeds to RTX (before expenses)
?
?
99.422%
?
?
$994,220,000 ? ?
98.792%
?
?
$987,920,000 ? ? $1,982,140,000
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(1)
Plus accrued interest, if any, from May 18, 2020, if the notes are delivered after that date.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved
of the notes or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.
The notes will not be listed on any securities exchange. Currently, there is no public market for the notes.
The underwriters expect to deliver the notes to investors in book-entry form only through the facilities of The Depository Trust
Company ("DTC") for the accounts of its participants, including Clearstream Banking, société anonyme, and Euroclear Bank
S.A./N.V., on or about May 18, 2020.
Joint Book-Running Managers
BofA Securities ? ?
Citigroup
?
?
Deutsche Bank Securities
?
?
J.P. Morgan
BNP PARIBAS ? ? Goldman Sachs & Co. LLC? ? Mizuho Securities
?
?
Morgan Stanley
?
?
SMBC Nikko
Co-Managers
ANZ Securities
?
?
BNY Mellon Capital Markets, LLC ?
?
Credit Agricole CIB
?
?
Credit Suisse
RBC Capital Markets ?
?
Scotiabank
?
?
UniCredit Capital Markets ?
?
US Bancorp
The date of this prospectus supplement is May 14, 2020.
TABLE OF CONTENTS
This document is in two parts. The first part is this prospectus supplement, which describes the terms of the
offering of the notes. The second part is the accompanying prospectus. The accompanying prospectus is part of a
registration statement that we filed with the SEC using a shelf registration statement. Under the shelf registration
process, from time to time, we may offer and sell debt securities in one or more offerings. The accompanying
prospectus contains a description of our debt securities and gives more general information, some of which may not
apply to the notes.
This prospectus supplement, and/or the information incorporated by reference in this prospectus supplement, may
add, update or change information in the accompanying prospectus. If information in this prospectus supplement,
and/or the information incorporated by reference from a report or other document filed with the SEC after the date of
the accompanying prospectus, is inconsistent with the accompanying prospectus, this prospectus supplement, or such
information incorporated by reference, will supersede the information in the accompanying prospectus.
It is important that you read and consider all of the information contained in this prospectus supplement and the
accompanying prospectus in making your investment decision. You should also read and consider the information in
the documents to which we have referred you in "Where You Can Find More Information" on page S-24 of this
prospectus supplement.
We have authorized only the information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not, and the underwriters have not, authorized anyone
to provide you with different or additional information. We are not, and the underwriters are not, making an
offer of these notes in any jurisdiction where the offer or sale of these notes is not permitted. You should not
assume that the information appearing in this prospectus supplement, the accompanying prospectus or the
documents incorporated by reference herein or therein is accurate as of any date other than their respective
dates.
S-i
TABLE OF CONTENTS
TABLE OF CONTENTS
Prospectus Supplement

?
?
Page
SUMMARY
?
?
S-1
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RISK FACTORS
?
?
S-4
USE OF PROCEEDS
?
?
S-6
CAPITALIZATION
?
?
S-7
DESCRIPTION OF THE NOTES
?
?
S-9
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
?
?
S-14
UNDERWRITING
?
?
S-18
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
?
?
S-23
WHERE YOU CAN FIND MORE INFORMATION
?
?
S-24
Prospectus
ABOUT THIS PROSPECTUS
?
?
1
UNITED TECHNOLOGIES CORPORATION
?
?
2
RISK FACTORS
?
?
4
NOTE REGARDING FORWARD-LOOKING STATEMENTS
?
?
4
USE OF PROCEEDS
?
?
5
DESCRIPTION OF DEBT SECURITIES
?
?
6
DESCRIPTION OF DEBT WARRANTS
?
?
22
DESCRIPTION OF CURRENCY WARRANTS
?
?
24
DESCRIPTION OF STOCK-INDEX WARRANTS
?
?
27
DESCRIPTION OF CAPITAL STOCK
?
?
30
DESCRIPTION OF EQUITY UNITS AND STOCK PURCHASE CONTRACTS
?
?
33
LEGAL OWNERSHIP
?
?
34
PLAN OF DISTRIBUTION
?
?
36
VALIDITY OF THE SECURITIES
?
?
38
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
?
?
39
WHERE YOU CAN FIND MORE INFORMATION
?
?
40
S-ii
TABLE OF CONTENTS
SUMMARY
The following summary highlights selected information contained elsewhere in this prospectus supplement, the
accompanying prospectus and the documents incorporated by reference in this prospectus supplement and the
accompanying prospectus and may not contain all the information you need in making your investment decision. You
should read this entire prospectus supplement, the accompanying prospectus and the documents incorporated by
reference herein and therein carefully, including the "Risk Factors" sections contained in this prospectus supplement
and the accompanying prospectus, the "Risk Factors" sections of our Annual Report on Form 10-K for the year ended
December 31, 2019, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and the
consolidated financial statements and the related notes incorporated by reference herein.
Raytheon Technologies Corporation
We are a global provider of high technology products and services to the aerospace industry and a technology and
innovation leader specializing in defense and other government markets throughout the world. We primarily serve
commercial and government customers in both the original equipment and aftermarket parts and services markets of
the aerospace industry and both domestic and international customers as a prime contractor or subcontractor on a broad
portfolio of defense and related programs for government customers. Our operations are classified into four principal
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business segments: Pratt & Whitney, Collins Aerospace Systems, Raytheon Intelligence & Space and Raytheon
Missiles & Defense, with each segment comprised of groups of similar operating companies.
·
Pratt & Whitney: among the world's leading suppliers of aircraft engines for the commercial, military,
business jet and general aviation markets.
·
Collins Aerospace Systems: a leading global provider of technologically advanced aerospace products and
aftermarket service solutions for aircraft manufacturers, airlines, regional, business and general aviation
markets, as well as military and space operations.
·
Raytheon Intelligence & Space: a leading developer and provider of integrated sensor and communication
systems for advanced missions, including space-enabled information and multi-domain intelligence
solutions, as well as electronic warfare solutions, advanced training and logistics services, and cyber and
software solutions to intelligence, defense, federal and commercial customers worldwide.
·
Raytheon Missiles & Defense: a leading designer, developer, integrator and producer of missile and combat
systems for the armed forces of the U.S. and allied nations and a leader in integrated air and missile defense;
large land- and sea-based radar solutions; command, control, communications, computers, cyber and
intelligence solutions; naval combat and ship electronic and sensing systems; and undersea sensing and
effects solutions.
Raytheon Technologies Corporation (formerly known as United Technologies Corporation) was incorporated in
Delaware in 1934. Unless the context otherwise requires, the terms "we," "our," "us," "the Company" and "Raytheon
Technologies" as used in this prospectus means United Technologies Corporation (and not any of its subsidiaries)
when referring to periods prior to the Raytheon merger (as defined below) and Raytheon Technologies Corporation
and any successor obligor (and not any of its subsidiaries) when referring to periods after the Raytheon merger. Our
principal executive offices are located at 870 Winter Street, Waltham, MA 02451-1449, United States, telephone:
(781) 522-3000.
Recent Developments
On November 26, 2018, we announced our intention to separate into three independent companies (the
"separation"). On April 2, 2020, we entered into a Separation and Distribution Agreement with Carrier Global
Corporation ("Carrier") and Otis Worldwide Corporation ("Otis"), pursuant to which, among other things, we agreed
to distribute (the "distributions") all of the outstanding common stock of Carrier and Otis to our shareowners who held
shares of our common stock as of the close of business on March 19, 2020, the record date for the distributions. We
distributed 866,158,910 and 433,079,455 shares of common stock of Carrier and Otis, respectively, in the distribution,
which was effective at 12:01 a.m., New York City time, on April 3, 2020. As a result of the distribution, Carrier and
Otis are now independent publicly traded companies.
Also on April 3, 2020, pursuant to an Agreement and Plan of Merger dated June 9, 2019, as amended as of
March 9, 2020, we completed our previously announced merger in an all-stock merger of equals (the "Raytheon
S-1
TABLE OF CONTENTS
merger") with Raytheon Company ("Raytheon"), following the completion of the separation and distributions. Upon
closing of the Raytheon merger, our name changed to "Raytheon Technologies Corporation," and our shares of
common stock, which previously traded on the NYSE under the ticker symbol "UTX," began trading on the NYSE
under the ticker symbol "RTX." Raytheon (NYSE: RTN) shares ceased trading prior to the market open on April 3,
2020, and each share of Raytheon common stock has been converted in the Raytheon merger into the right to receive
2.3348 shares of our common stock. Upon the completion of the Raytheon merger, Raytheon became a wholly-owned
subsidiary of RTX.
On May 11, 2020, we commenced an offer to exchange (the "exchange offer") certain series of outstanding notes
issued by our subsidiaries Goodrich Corporation, Raytheon, and Rockwell Collins Inc. (collectively, the "Subsidiary
notes") for newly issued series of RTX notes having the same interest payment and maturity dates and interest rate
provisions as the corresponding series of Subsidiary notes. The notes to be issued in the exchange offer will be the
unsecured unsubordinated obligations of RTX and will rank equally with all of RTX's other unsecured unsubordinated
indebtedness from time to time outstanding, including the notes offered hereby. Concurrently with the exchange offer,
we solicited the consents of the eligible holders of the Subsidiary notes to certain proposed amendments to the
Subsidiary notes and the applicable indentures under which they were issued, upon the terms and conditions set forth
in the exchange offer. We currently expect the exchange offer to expire on June 8, 2020.
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S-2
TABLE OF CONTENTS
The Offering
Issuer
Raytheon Technologies Corporation
Notes Offered
$1,000,000,000 aggregate principal amount of 2.250% notes
due 2030
$1,000,000,000 aggregate principal amount of 3.125% notes
due 2050
Maturity
Notes due 2030: July 1, 2030
Notes due 2050: July 1, 2050
Interest Rate
Notes due 2030: 2.250% per year
Notes due 2050: 3.125% per year
Interest Payment Dates
January 1 and July 1 of each year, beginning on January 1, 2021
Ranking
The notes will be general unsecured obligations of ours.
The notes will rank equally in right of payment with all of our
existing and any future unsecured and unsubordinated
indebtedness.
The notes will rank senior in right of payment to any of our
existing and future indebtedness that is subordinated to the
notes.
The notes will be effectively subordinated in right of payment
to any of our existing and future secured indebtedness to the
extent of the assets securing such indebtedness, and structurally
subordinated to all existing and any future indebtedness and
any other liabilities of our subsidiaries.
See "Risk Factors--Risks Relating to the Notes" in this
prospectus supplement.
Use of Proceeds
We expect to use the net proceeds from the offering for general
corporate purposes, including, among other things, the
repayment of outstanding indebtedness. See "Use of Proceeds."
Optional Redemption
We may redeem either series of the notes, in whole or in part,
at any time at the redemption prices set forth in this prospectus
supplement. See "Description of the Notes--Optional
Redemption of the Notes."
Risk Factors
See "Risk Factors" beginning on page S-4 of this prospectus
supplement, and on page 1 of the accompanying prospectus, as
well as the "Risk Factors" sections of our Annual Report on
Form 10-K for the year ended December 31, 2019, and our
Quarterly Report on Form 10-Q for the quarter ended
March 31, 2020, which are incorporated by reference herein, for
more information.
Trustee, Securities Registrar, Paying Agent and
Calculation Agent
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The Bank of New York Mellon Trust Company, N.A.
Governing Law
State of New York
For a more complete description of the terms of the notes, see "Description of the Notes" in this prospectus
supplement and "Description of Debt Securities" in the accompanying prospectus.
S-3
TABLE OF CONTENTS
RISK FACTORS
An investment in the notes involves risks. You should carefully consider the risks and uncertainties described in
this prospectus supplement and the accompanying prospectus, including the risk factors set forth in the documents and
reports filed with the SEC that are incorporated by reference in this prospectus supplement and in the accompanying
prospectus, such as the risk factors under "Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2019, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, which are
incorporated by reference herein and are on file with the SEC, before you make an investment decision pursuant to
this prospectus supplement and the accompanying prospectus. Our business, financial condition, operating results and
cash flows can be impacted by the factors set forth below and in such documents and reports.
Risks Relating to the Notes
We have outstanding debt; our debt will increase as a result of this offering and will further increase if we incur
additional debt in the future and do not retire existing debt.
We have outstanding debt and other financial obligations and significant unused borrowing capacity. As of
March 31, 2020, we had approximately $46.3 billion of outstanding indebtedness, including short-term borrowings
and debt incurred by Otis and Carrier and attributed to those businesses post-separation. Following the separation and
distributions and Raytheon merger on April 3, 2020, our total debt decreased to approximately $33.4 billion, including
short-term borrowings.
Our debt level and related debt service obligations could have negative consequences, including:
·
requiring us to dedicate significant cash flow from operations to the payment of principal and interest on our
debt, which would reduce the funds we have available for other purposes, such as acquisitions, reinvestment
in our businesses, dividends and repurchases of our common stock;
·
reducing our flexibility in planning for or reacting to changes in our business and market conditions; and
·
exposing us to interest rate risk at the time outstanding debt is refinanced or on the portion of our debt
obligations that are issued at variable rates.
We may incur significantly more debt in the future. If we add new debt and do not retire existing debt, the risks
described above could increase.
The indenture has no financial covenants and does not limit our indebtedness, prevent dividends or generally
prevent highly leveraged transactions.
Neither we nor any of our subsidiaries are restricted from incurring additional unsecured debt or other liabilities,
including additional unsubordinated debt, under the indenture (as defined under "Description of the Notes"). If we
incur additional debt or liabilities, our ability to pay our obligations on the notes could be adversely affected. We
expect that we will from time to time incur additional debt and other liabilities. In addition, we are not restricted under
the indenture from paying dividends or issuing or repurchasing our securities.
There are no financial covenants in the indenture. Except for the covenants described under "Description of Debt
Securities--Provisions Applicable Solely to Unsubordinated Debt Securities--Liens," "Description of Debt Securities
--Provisions Applicable Solely to Unsubordinated Debt Securities--Sales and Leasebacks" and "Description of Debt
Securities--Restriction on Merger and Sales of Assets" in the accompanying prospectus, there are no covenants or any
other provisions in the indenture which may afford you protection in the event of a highly leveraged transaction.
The notes will not be guaranteed by any of our subsidiaries and are structurally subordinated to any existing or
future preferred stock, indebtedness, guarantees and other liabilities of our subsidiaries.
The notes will be obligations exclusively of RTX and will not be guaranteed by any of our subsidiaries. As a
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result, the notes will be structurally subordinated to existing or future preferred stock, indebtedness, guarantees and
other liabilities, including trade payables, of our subsidiaries. The indenture under which the notes will be issued will
not restrict us or our subsidiaries from incurring substantial additional unsecured indebtedness in the future.
S-4
TABLE OF CONTENTS
On May 11, 2020, we commenced the exchange offer for the Subsidiary notes for newly issued series of RTX
notes having the same interest payment and maturity dates and interest rate provisions as the corresponding series of
Subsidiary notes. The notes to be issued in the exchange offer will be the unsecured unsubordinated obligations of
RTX and will rank equally with all of RTX's other unsecured unsubordinated indebtedness from time to time
outstanding, including the notes offered hereby.
As of March 31, 2020, we had approximately $46.3 billion of outstanding indebtedness, including short-term
borrowings and debt incurred by Otis and Carrier and attributed to those businesses post-separation. Following the
separation and distributions and Raytheon merger on April 3, 2020, our total debt decreased to approximately
$33.4 billion, including short-term borrowings. Our subsidiaries are separate and distinct legal entities from us. Our
subsidiaries have no obligation to pay any amounts due on the notes or to provide us with funds to meet our respective
payment obligations on the notes. Any payment of dividends, loans or advances by our subsidiaries to us could be
subject to contractual restrictions and will be contingent upon the subsidiaries' earnings and business considerations.
Our right to receive any assets of any of our subsidiaries upon their bankruptcy, liquidation or similar reorganization,
and therefore the right of the holders of the notes to participate in those assets, will be structurally subordinated to the
claims of that subsidiary's creditors, including trade creditors. Even if we are a creditor of any of our subsidiaries, our
rights as a creditor would be subordinate to any security interest in the assets of our subsidiaries and any indebtedness
of our subsidiaries senior to that held by us.
Active trading markets for the notes may not develop; we do not intend to apply to list the notes on any
securities exchange or for quotation in any automated dealer quotation system.
Each series of notes constitutes a new issue of securities for which there currently is no established trading market.
We do not intend to apply for listing of any of the notes offered hereby on any securities exchange or for quotation of
notes offered hereby in any automated dealer quotation system. We cannot provide you with any assurance regarding
whether trading markets for any of the notes will develop, the ability of holders of the notes to sell their notes or the
prices at which holders may be able to sell their notes. The underwriters have advised us that they currently intend to
make markets in the notes of each series. However, the underwriters are not obligated to do so, and any market-making
with respect to the notes may be discontinued at any time without notice. If no active trading markets develop, you
may be unable to resell the notes at their fair market value or at any price.
If trading markets for any of the notes do develop, changes in our credit ratings or the debt markets could
adversely affect the market prices of the notes. The prices for the notes will depend on many factors, including, among
others:
·
our credit ratings with major credit rating agencies;
·
the prevailing interest rates being paid by other companies similar to us;
·
our financial condition, financial performance, operating results, cash flows and future prospects; and
·
the overall condition of the financial markets.
The condition of the financial markets and prevailing interest rates have fluctuated significantly in the past and are
likely to fluctuate in the future. Such fluctuations could have an adverse effect on the prices of the notes. In addition,
credit rating agencies continually review their ratings for the companies that they follow, including us.
S-5
TABLE OF CONTENTS
USE OF PROCEEDS
We expect to use the net proceeds from the offering for general corporate purposes, including, among other
things, the repayment of outstanding indebtedness.
S-6
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TABLE OF CONTENTS
CAPITALIZATION
The following table sets forth our short-term borrowings and total long-term debt and equity as of March 31,
2020, including on an as adjusted basis to give effect to this offering and to give effect to the separation and
distribution of Carrier and Otis. Following the separation and distributions and Raytheon merger on April 3, 2020, our
total debt decreased to approximately $33.4 billion, which includes long-term debt of $31.6 billion. This table should
be read in conjunction with the consolidated financial statements and the notes related thereto, and the financial and
operating data, incorporated by reference in this prospectus supplement and the accompanying prospectus.
Short-term borrowings:

?
?
As of March 31, 2020
As
?
?
?
?
(dollars in millions)
Actual
Adjusted
Commercial paper
?
?
$ 500? ?
$ 500
Other borrowings
?
?
1,225 ? ?
1,225
Total short-term borrowings
?
?
$1,725 ? ?
$1,725
Long-term borrowings:

?
?
As of March 31, 2020
As
?
?
?
?
(dollars in millions)
Actual
Adjusted
EURIBOR plus 0.20% floating rate notes due 2020 (750 million principal value)2
?
?
$ 824? ?
$ 824
8.750% notes due 2021
?
?
250 ? ?
250
3.100% notes due 20214,7
?
?
250 ? ?
250
2.800% notes due 20224,7
?
?
1,100 ? ?
1,100
1.923% notes due 2023 (Carrier)6
?
?
500 ? ?
--
LIBOR plus 1.125% Term Loan due 2023 (Otis)6
?
?
1,000 ? ?
--
LIBOR plus 0.45% floating rates due 2023 (Otis)6
?
?
500 ? ?
--
LIBOR plus 1.125% Term Loan due 2023 (Carrier)6
?
?
1,750 ? ?
--
3.650% notes due 20231,8
?
?
581 ? ?
581
3.700% notes due 20234,7
?
?
400 ? ?
400
3.200% notes due 20244,7
?
?
950 ? ?
950
2.056% notes due 2025 (Otis)6
?
?
1,300 ? ?
--
2.242% notes due 2025 (Carrier)6
?
?
2,000 ? ?
--
3.950% notes due 20251
?
?
1,500 ? ?
1,500
2.650% notes due 20261
?
?
719 ? ?
719
2.293% notes due 2027 (Otis)6
?
?
500 ? ?
--
2.493% notes due 2027 (Carrier)6
?
?
1,250 ? ?
--
3.125% notes due 20271
?
?
1,100 ? ?
1,100
3.500% notes due 20274,7
?
?
1,300 ? ?
1,300
7.100% notes due 20277
?
?
141 ? ?
141
6.700% notes due 2028
?
?
400 ? ?
400
4.125% notes due 20281
?
?
3,000 ? ?
3,000
7.500% notes due 20291
?
?
550 ? ?
550
2.150% notes due 2030 (500 million principal value)1
?
?
549 ? ?
549
1
?
?
?
?
https://www.sec.gov/Archives/edgar/data/101829/000114036120011825/nt10011962x2_424b2.htm[5/18/2020 9:24:57 AM]

2.250% notes due 2030 offered hereby
--
1,000
2.565% notes due 2030 (Otis)6
?
?
1,500 ? ?
--
2.722% notes due 2030 (Carrier)6
?
?
2,000 ? ?
--
5.400% notes due 20351
?
?
600 ? ?
600
6.050% notes due 20361
?
?
600 ? ?
600
6.800% notes due 20361,7
?
?
134 ? ?
134
7.000% notes due 20387
?
?
159 ? ?
159
6.125% notes due 20381
?
?
1,000 ? ?
1,000
S-7
TABLE OF CONTENTS

?
?
As of March 31, 2020
As
?
?
?
?
(dollars in millions)
Actual
Adjusted
4.450% notes due 20381
?
?
750 ? ?
750
3.112% notes due 2040 (Otis)6
?
?
750 ? ?
--
3.377% notes due 2040 (Carrier)6
?
?
1,500 ? ?
--
5.700% notes due 20401
?
?
1,000 ? ?
1,000
4.500% notes due 20421
?
?
3,500 ? ?
3,500
4.800% notes due 20434,7
?
?
400 ? ?
400
4.150% notes due 20451
?
?
850 ? ?
850
3.750% notes due 20461
?
?
1,100 ? ?
1,100
4.050% notes due 20471
?
?
600 ? ?
600
4.350% notes due 20474,7
?
?
1,000 ? ?
1,000
4.625% notes due 20481
?
?
1,750 ? ?
1,750
3.125% notes due 2050 offered hereby1
?
?
-- ? ?
1,000
3.362% notes due 2050 (Otis)6
?
?
750 ? ?
--
3.577% notes due 2050 (Carrier)6
?
?
2,000 ? ?
--
Project financing obligations5
?
?
316 ? ?
--
Other (including finance leases)
?
?
268 ? ?
299
Total principal long-term debt
?
?
44,941 ? ?
29,356
Other (fair market value adjustments, discounts and debt issuance costs)
?
?
(347)? ?
(287)
Total long-term debt
?
?
44,594 ? ?
29,069
Less: current portion
?
?
1,362 ? ?
1,143
Long-term debt, net of current portion
?
? $43,232 ? ?
$27,926
1
We may redeem these notes at our option pursuant to their terms.
2
The three-month EURIBOR rate as of March 31, 2020 was approximately -0.363%. The notes may be redeemed at our option in
whole, but not in part, at any time in the event of certain developments affecting U.S. taxation.
3
The three-month LIBOR rate as of March 31, 2020 was approximately 1.4505%.
4
Rockwell Collins debt that remained outstanding following the Rockwell Acquisition.
5
Project financing obligations are associated with the sale of rights to unbilled revenues related to the ongoing activity of an entity
owned by Carrier.
6
The debt issuances reflect additional debt incurred by Otis and Carrier and attributed to those businesses post-separation. The net
proceeds of these issuances were utilized to extinguish Raytheon Technologies short-term and long-term debt.
7
Subsidiary notes subject to the Company's exchange offer commenced on May 11, 2020.
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8
On May 4, 2020, the Company notified holders of the outstanding 3.650% notes due 2023 that the Company will redeem
$410 million of the aggregate principal amount of such notes on May 19, 2020.
S-8
TABLE OF CONTENTS
DESCRIPTION OF THE NOTES
In this Description of the Notes, "RTX," "we," "us," "our" and the "Company" refer only to Raytheon
Technologies Corporation and any successor obligor, and not to any of its subsidiaries.
The following summary description sets forth certain terms and provisions of the notes and, to the extent
inconsistent therewith, replaces the description of the general terms and provisions of the notes set forth in the
accompanying prospectus, to which we refer you. Because this description is a summary, it does not describe every
aspect of the notes. The notes will be issued under the amended and restated indenture dated as of May 1, 2001 (the
"indenture") between the Company and The Bank of New York Mellon Trust Company, N.A. (as successor to The
Bank of New York), as trustee (the "trustee"). This summary is subject to and qualified in its entirety by reference to
the indenture, the forms of notes and the related officers' certificate. The indenture is filed with the SEC and
incorporated by reference in this prospectus supplement and in the accompanying prospectus.
The indenture has been qualified under the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"),
and you should refer to the Trust Indenture Act for provisions that apply to the notes.
General
We will issue the notes due 2030 in an initial aggregate principal amount of $1,000,000,000, and the notes due
2050 in an initial aggregate principal amount of $1,000,000,000, subject, in each case, to reopening.
The notes due 2030 will mature on July 1, 2030, and the notes due 2050 will mature on July 1, 2050.
We will initially issue the notes in book-entry form. See "--Book-Entry Issuance--The Depository Trust
Company." We will issue the notes only in minimum denominations of $2,000 and integral multiples of $1,000 in
excess thereof.
In some circumstances, we may elect to discharge our obligations on the notes through defeasance or covenant
defeasance. See "Description of Debt Securities--Defeasance and Covenant Defeasance" in the accompanying
prospectus for more information about how we may do this.
We may, without the consent of the holders of the notes of any series, issue additional notes of such series under
the indenture having the same ranking and the same interest rate, maturity and other terms as the notes of such series
offered by this prospectus supplement; provided that any such additional notes of such series that are not fungible with
the notes of such series offered hereby for U.S. federal income tax purposes will have a separate CUSIP, ISIN and
other identifying number than the notes of such series offered hereby. Any such additional notes of such series will,
together with the notes of such series offered by this prospectus supplement, constitute a single series of notes under
the indenture.
Interest on the Notes
The notes will bear interest at the applicable annual rate shown on the cover of this prospectus supplement and
will accrue interest from May 18, 2020, or from the most recent date to which interest has been paid or duly provided
for.
Interest will be payable on the notes semi-annually in arrears on January 1 and July 1 of each year, commencing
on January 1, 2021, and on the relevant maturity date, to the persons in whose names such notes are registered on the
record date; provided that interest payable on the relevant maturity date or any relevant redemption date will be
payable to the persons to whom the principal of such notes is payable. If the date on which a payment of interest or
principal on the notes is scheduled to be paid is not a business day, then that interest or principal will be paid on the
next succeeding business day, and no further interest will accrue as a result of such delay. Interest with respect to the
notes will accrue on the basis of a 360-day year consisting of twelve 30-day months.
A "record date" is the close of business on the date that is fifteen calendar days prior to the date on which interest
is scheduled to be paid, regardless of whether such date is a business day; provided that if any of the notes are held by
a securities depositary in book-entry form, the record date for such notes will be the close of business on the business
day immediately preceding the date on which interest is scheduled to be paid.
A "business day" is each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which
banking institutions in The City of New York are authorized or obligated by law or executive order to close.
https://www.sec.gov/Archives/edgar/data/101829/000114036120011825/nt10011962x2_424b2.htm[5/18/2020 9:24:57 AM]

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