RTX Plans to Refinance Loan That Bankrolled $10 Billion Buyback
- Moody’s, S&P downgraded outlook to negative on added leverage
- Spokesperson says RTX wants to act in ‘really near term’
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RTX Corp. is planning to refinance a short-term loan that’s covering the cost of its $10 billion share buyback with longer-maturity debt, a spokesperson for the company said.
The aerospace and defense manufacturer last week announced the stock buyback, which is being funded by a short-term bridge loan, as it contends with a widening effort to check for potentially flawed components in its Pratt & Whitney jet engine division.