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Johnson Controls Inc. said Tuesday that it has closed on its recent $500 million public debt offering, raising approximately $494.2 million in net proceeds. Johnson Controls, a Glendale-based provider of facility management systems and services and manufacturer of automotive interior systems and batteries, said it intends to use the net proceeds for general corporate purposes and repaying short-term indebtedness that it has incurred to finance working capital requirements. The senior notes have an interest rate of 5 percent and will be due on March 30, 2020. Banc of America Securities LLC, Citigroup Global Markets Inc., Barclays Capital Inc. and ING Financial Markets LLC served as joint book-running managers for the offering.
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