SEC Company Response from Otis Worldwide Corp (OTIS) (CIK 0001781335) (OTIS) — Mar 11, 2020
Otis Worldwide Corp (OTIS) (CIK 0001781335)
Date: March 11, 2020 · CIK: 0001781335 · Accession: 0001140361-20-005509
AI Filing Summary & Sentiment
File numbers found in text: 001-39221
Referenced dates: February 21, 2020
Letter
Via EDGAR and Courier Division of Corporation Finance Office of Finance File No. 001-39221 U.S. Securities and Exchange Commission March 11, 2020 Page 2
Dear Mr. Stickel and Mr. Brown:
On behalf of our client, Otis Worldwide Corporation (the “Company”), set forth below is the response of the Company to the comment of the Staff of the Division of Corporation Finance (the “Staff”) set forth in your letter dated February 21, 2020, regarding the Company’s registration statement on Form 10 (File No. 001-39221) (the “Registration Statement”) filed with the Securities and Exchange Commission on February 7, 2020. In connection with this letter responding to the Staff’s comment, the Company is filing Amendment No. 1 to the Registration Statement (“Amendment No. 1”). In addition to filing this letter by EDGAR, we are separately furnishing to the Staff two courtesy copies of Amendment No. 1 marked to show the changes made to the Registration Statement.
For your convenience, the Staff’s comment is set forth in bold, followed by the response on behalf of the Company. All page references in the response set forth below refer to pages of Amendment No. 1.
Unaudited Pro Forma Combined Financial Information
Notes to the Unaudited Pro Forma Combined Financial Information
1.
Refer to Note 2(F) on page 62. Given that you will incur a substantial amount of indebtedness in connection with the separation and distribution, please give consideration to including in a tabular format, the individual amounts pertaining to each debt category. In this regard, disclose the aggregated amount, range of interest rates and range of maturity dates of the unsubordinated debt, unsecured notes, and term loans.
Response: In response to the Staff’s comment, the disclosure on pages 62-63 of Amendment No. 1 has been revised.
* * * * * *
U.S. Securities and Exchange Commission
March 11, 2020
Page 3
If you have any questions concerning the Registration Statement or require any additional information in connection with the filing, please do not hesitate to contact the undersigned at (212) 403-1331 or JRCammaker@wlrk.com, or my colleagues Edward J. Lee, at (212) 403-1155 or EJLee@wlrk.com, or Mark Stagliano at (212) 403-1060 or MAStagliano@wlrk.com.
Sincerely yours,
/s/ Joshua R. Cammaker
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MARTIN LIPTON
HERBERT M. WACHTELL
THEODORE N. MIRVIS
EDWARD D. HERLIHY
DANIEL A. NEFF
ANDREW R. BROWNSTEIN
MARC WOLINSKY
STEVEN A. ROSENBLUM
JOHN F. SAVARESE
SCOTT K. CHARLES
JODI J. SCHWARTZ
ADAM O. EMMERICH
RALPH M. LEVENE
RICHARD G. MASON
DAVID M. SILK
ROBIN PANOVKA
DAVID A. KATZ
ILENE KNABLE GOTTS
JEFFREY M. WINTNER
TREVOR S. NORWITZ
BEN M. GERMANA
ANDREW J. NUSSBAUM
RACHELLE SILVERBERG
STEVEN A. COHEN
DEBORAH L. PAUL
DAVID C. KARP
RICHARD K. KIM
JOSHUA R. CAMMAKER
MARK GORDON
JOSEPH D. LARSON
JEANNEMARIE O’BRIEN
WAYNE M. CARLIN
STEPHEN R. DiPRIMA
NICHOLAS G. DEMMO
IGOR KIRMAN
JONATHAN M. MOSES
T. EIKO STANGE
JOHN F. LYNCH
WILLIAM SAVITT
ERIC M. ROSOF
GREGORY E. OSTLING
DAVID B. ANDERS
ANDREA K. WAHLQUIST
ADAM J. SHAPIRO
NELSON O. FITTS
JOSHUA M. HOLMES
51 WEST 52ND STREET
NEW YORK, N.Y. 10019-6150
TELEPHONE: (212) 403 -1000
FACSIMILE: (212) 403 -2000
DAVID E. SHAPIRO
DAMIAN G. DIDDEN
IAN BOCZKO
MATTHEW M. GUEST
DAVID E. KAHAN
DAVID K. LAM
BENJAMIN M. ROTH
JOSHUA A. FELTMAN
ELAINE P. GOLIN
EMIL A. KLEINHAUS
KARESSA L. CAIN
RONALD C. CHEN
GORDON S. MOODIE
DONGJU SONG
BRADLEY R. WILSON
GRAHAM W. MELI
GREGORY E. PESSIN
CARRIE M. REILLY
MARK F. VEBLEN
VICTOR GOLDFELD
EDWARD J. LEE
BRANDON C. PRICE
KEVIN S. SCHWARTZ
MICHAEL S. BENN
SABASTIAN V. NILES
ALISON ZIESKE PREISS
TIJANA J. DVORNIC
JENNA E. LEVINE
RYAN A. McLEOD
ANITHA REDDY
JOHN L. ROBINSON
JOHN R. SOBOLEWSKI
STEVEN WINTER
EMILY D. JOHNSON
JACOB A. KLING
RAAJ S. NARAYAN
VIKTOR SAPEZHNIKOV
MICHAEL J. SCHOBEL
ELINA TETELBAUM
ERICA E. BONNETT
LAUREN M. KOFKE
ZACHARY S. PODOLSKY
RACHEL B. REISBERG
MARK A. STAGLIANO
GEORGE A. KATZ (1965-1989)
JAMES H. FOGELSON (1967-1991)
LEONARD M. ROSEN (1965-2014)
OF COUNSEL
MARTIN J.E. ARMS
MICHAEL H. BYOWITZ
KENNETH B. FORREST
SELWYN B. GOLDBERG
PETER C. HEIN
MEYER G. KOPLOW
LAWRENCE S. MAKOW
DOUGLAS K. MAYER
PHILIP MINDLIN
DAVID S. NEILL
HAROLD S. NOVIKOFF
LAWRENCE B. PEDOWITZ
ERIC S. ROBINSON
PATRICIA A. ROBINSON*
ERIC M. ROTH
PAUL K. ROWE
DAVID A. SCHWARTZ
MICHAEL J. SEGAL
ELLIOTT V. STEIN
WARREN R. STERN
PAUL VIZCARRONDO, JR.
PATRICIA A. VLAHAKIS
AMY R. WOLF
* ADMITTED IN THE DISTRICT OF COLUMBIA
COUNSEL
DAVID M. ADLERSTEIN
SUMITA AHUJA
AMANDA K. ALLEXON
LOUIS J. BARASH
OLIVER J. BOARD
FRANCO CASTELLI
ANDREW J.H. CHEUNG
PAMELA EHRENKRANZ
KATHRYN GETTLES-ATWA
ADAM M. GOGOLAK
NANCY B. GREENBAUM
MARK A. KOENIG
J. AUSTIN LYONS
ALICIA C. McCARTHY
PAULA N. RAMOS
NEIL M. SNYDER
S. CHRISTOPHER SZCZERBAN
JEFFREY A. WATIKER
Direct Dial: (212) 403-1331
Direct Fax: (212) 403-2331
E-Mail: JRCammaker@wlrk.com
March 11, 2020
Via EDGAR and Courier
John Stickel
John Dana Brown
Division of Corporation Finance
Office of Finance
U.S. Securities and Exchange Commission
100 F Street, NE
Washington, D.C. 20549
Re:
Otis Worldwide Corporation
Registration Statement on Form 10
Filed February 7, 2020
File No. 001-39221
U.S. Securities and Exchange Commission
March 11, 2020
Page 2
Dear Mr. Stickel and Mr. Brown:
On behalf of our client, Otis Worldwide Corporation (the “Company”), set forth below is the response of the Company to the comment of the Staff of the Division of Corporation Finance (the “Staff”) set forth
in your letter dated February 21, 2020, regarding the Company’s registration statement on Form 10 (File No. 001-39221) (the “Registration Statement”) filed with the Securities and Exchange Commission on February 7, 2020. In connection with
this letter responding to the Staff’s comment, the Company is filing Amendment No. 1 to the Registration Statement (“Amendment No. 1”). In addition to filing this letter by EDGAR, we are separately furnishing to the Staff two courtesy copies
of Amendment No. 1 marked to show the changes made to the Registration Statement.
For your convenience, the Staff’s comment is set forth in bold, followed by the response on behalf of the Company. All page references in the response set forth below refer to pages of Amendment No. 1.
Unaudited Pro Forma Combined Financial Information
Notes to the Unaudited Pro Forma Combined Financial Information
1.
Refer to Note 2(F) on page 62. Given that you will incur a substantial amount of indebtedness in connection with the separation and distribution, please give consideration to including in a tabular format,
the individual amounts pertaining to each debt category. In this regard, disclose the aggregated amount, range of interest rates and range of maturity dates of the unsubordinated debt, unsecured notes, and term loans.
Response: In response to the Staff’s comment, the disclosure on pages 62-63 of Amendment No. 1 has been revised.
* * * * * *
U.S. Securities and Exchange Commission
March 11, 2020
Page 3
If you have any questions concerning the Registration Statement or require any additional information in connection with the filing, please do not hesitate to contact the undersigned at (212) 403-1331 or
JRCammaker@wlrk.com, or my colleagues Edward J. Lee, at (212) 403-1155 or EJLee@wlrk.com, or Mark Stagliano at (212) 403-1060 or MAStagliano@wlrk.com.
Sincerely yours,
/s/ Joshua R. Cammaker
Joshua R. Cammaker
cc:
Judith F. Marks, Otis Worldwide Corporation
Sean Moylan, United Technologies Corporation
Drew K. Barber, United Technologies Corporation
Debra F. Guss, United Technologies Corporation
Ted Perrault, United Technologies Corporation
Edward J. Lee, Wachtell, Lipton, Rosen & Katz
Mark A. Stagliano, Wachtell, Lipton, Rosen & Katz