FWP 1 ny20009893x2_fwp.htm FWP
Final Term Sheet

Filed Pursuant to Rule 433
Registration Statement No. 333-270834
August 14, 2023

Otis Worldwide Corporation


$750,000,000 5.250% Notes due 2028


Issuer:
Otis Worldwide Corporation
   
Offering Format:
SEC Registered
   
Title of Securities:
5.250% Notes due 2028 (the “Notes”)
   
Trade Date:
August 14, 2023
   
Settlement Date:
August 16, 2023 (T+2)
   
Expected Ratings (Moody’s / S&P)*:
Baa1 / BBB
   
Principal Amount:
$750,000,000
   
Maturity Date:
August 16, 2028
   
Interest Payment Dates:
February 16 and August 16 of each year, beginning on February 16, 2024
   
Benchmark Treasury:
4.125% due July 31, 2028
   
Benchmark Treasury Price/Yield:
98-31¾ / 4.353%
   
Spread to Benchmark Treasury:
+98 basis points
   
Yield to Maturity:
5.333%
   
Price to Public:
99.640% of the principal amount
   
Coupon:
5.250%
   
Day Count Convention:
30/360
   
Underwriting Discount:
0.600%
   
Make-Whole Call:
At any time, and from time to time, prior to July 16, 2028, Treasury Rate plus 15 basis points
   
Par Call:
On or after July 16, 2028 (one month prior to the maturity date of the Notes)
   
Change of Control Offer:
101%
   
Minimum Denominations:
$2,000 x $1,000
   
Net Proceeds (before expenses):
$742,800,000
   
Joint Book-Running Managers:
BofA Securities, Inc.
Citigroup Global Markets Inc.
Goldman Sachs & Co. LLC
HSBC Securities (USA) Inc.
J.P. Morgan Securities LLC
Morgan Stanley & Co. LLC
SMBC Nikko Securities America, Inc.
   
Senior Co-Managers:
 Barclays Capital Inc.
BNP Paribas Securities Corp.
Commerz Markets LLC
Deutsche Bank Securities Inc.
Intesa Sanpaolo IMI Securities Corp.
Loop Capital Markets LLC
Santander US Capital Markets LLC
SG Americas Securities, LLC
UniCredit Capital Markets LLC
   
Co-Managers:
 Academy Securities, Inc.
ICBC Standard Bank Plc
Siebert Williams Shank & Co., LLC
Westpac Capital Markets LLC
   
CUSIP / ISIN:
68902V AP2 / US68902VAP22
   

* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The Issuer has filed a Registration Statement (File No. 333-270834), including a prospectus dated March 24, 2023 and a preliminary prospectus supplement dated August 16, 2023, with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that Registration Statement, the preliminary prospectus supplement for the offering to which this communication relates and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting the SEC’s website at www.sec.gov. Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus and the prospectus supplement if you request them by calling: BofA Securities, Inc. at 1-800-294-1322; Citigroup Global Markets Inc. by telephone at 1-800-831-9146; or Goldman Sachs & Co. LLC at 1-866-471-2526. You are advised to obtain a copy of the prospectus and related prospectus supplement for the offering to which this communication relates and to carefully review the information contained or incorporated by reference therein before making any investment decision.

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