Johnson Controls Announces Cash Tender Offers For Up To US$ 100 Million In Aggregate Principal Amount Of Senior Notes

Johnson Controls International plc (JCI, the ‘Company’ or ‘Johnson Controls’) has announced that it has commenced tender offers to purchase for cash the debt securities issued by the Company.

The tender offers consist of offers to purchase for cash, on the terms and conditions set forth in the offer to purchase, dated August 7, 2023 (as it may be amended or supplemented from time to time, the ‘Offer to Purchase’), up to US$ 100,000,000 aggregate principal amount of Securities (the 'Aggregate Tender Cap'), for all Securities purchased in the tender offers.

Cash Tender Offers

Accordingly, holders should not tender any Securities that they do not wish to be accepted in a tender offer

The Company reserves the right, but is under no obligation, to increase, decrease or eliminate the Aggregate Tender Cap at any time and without extending the applicable Withdrawal Deadline, subject to applicable law. Any such change may be significant. Accordingly, holders should not tender any Securities that they do not wish to be accepted in a tender offer.

The amount of each series of Securities that will be purchased will be determined in accordance with the acceptance priority levels set forth in the table above without exceeding the Aggregate Tender Cap and may be prorated as described in the Offer to Purchase. The Company refers investors to the Offer to Purchase for the complete terms and conditions of the tender offers.

The tender offers for the Securities will expire at 5:00 p.m., New York City time, on September 5, 2023, or, in each case, any other date and time to which the Company extends the applicable tender offer (such date and time, as it may be extended with respect to a tender offer, the applicable ‘Expiration Date’), unless earlier terminated.

Holders of Securities must validly tender

Holders of Securities must validly tender and not validly withdraw their Securities at or prior to 5:00 p.m., New York City time, on August 18, 2023 (such date and time, as it may be extended with respect to a tender offer, the applicable ‘Early Tender Date’), to be eligible to receive the Total Consideration, which is inclusive of an amount in cash equal to the amount set forth in the table above under the heading ‘Early Tender Payment’ (the ‘Early Tender Payment’).

If a holder validly tenders Securities after the applicable Early Tender Date but at or prior to the applicable Expiration Date, the holder will only be eligible to receive the applicable Late Tender Offer Consideration (as defined below) plus Accrued Interest.

Applicable consideration offered per US$ 1,000

The ‘Late Tender Offer Consideration’ is equal to the Total Consideration minus the Early Tender Payment

The applicable consideration (the ‘Total Consideration’) offered per US$ 1,000 principal amount of each series of Securities validly tendered, and not validly withdrawn, and accepted for purchase pursuant to the applicable tender offer will be determined in accordance with the formula set forth in the Offer to Purchase by reference to the applicable fixed spread for such series specified in the table above plus the applicable yield based on the bid-side price of the applicable U.S.

Treasury Reference Security specified in the table above at 9:00 a.m., New York City time, on August 21, 2023. The ‘Late Tender Offer Consideration’ is equal to the Total Consideration minus the Early Tender Payment.

Each tender to expire on the applicable Expiration Date

Each tender offer will expire on the applicable Expiration Date. Except as set forth below, payment for the Securities that are validly tendered at or prior to the Expiration Date will be made on a date promptly following the Expiration Date, which is currently anticipated to be September 7, 2023, the second business day after the Expiration Date.

The Company reserves the right, in its sole discretion, to make payment for Securities that are validly tendered at or prior to the Early Tender Date on an earlier settlement date, which, if applicable, is currently anticipated to be August 22, 2023, the second business day after the Early Tender Date.

Securities validly tendered Early to be prioritized

Securities validly tendered at or prior to the Early Tender Date will be accepted for purchase in priority to other Securities validly tendered after the Early Tender Date, even if such Securities validly tendered after the Early Tender Date have a higher Acceptance Priority Level than Securities validly tendered at or prior to the Early Tender Date.

Holders will also receive accrued and unpaid interest on Securities validly tendered and accepted for purchase from the applicable last interest payment date up to, but not including, the applicable settlement date (‘Accrued Interest’).

Tendered Securities can be withdrawn till Aug 18, 2023

The tender offers are subject to the satisfaction or waiver of certain conditions

Tendered Securities may be withdrawn at or prior to, but not after, 5:00 p.m., New York City time, on August 18, 2023, unless extended or otherwise required by applicable law (the ‘Withdrawal Deadline’). Subject to applicable law, the Company may extend the Early Tender Date without extending the Withdrawal Deadline with respect to a tender offer.

The tender offers are subject to the satisfaction or waiver of certain conditions, as set forth in the Offer to Purchase. The tender offers are not subject to minimum tender conditions.

Information Relating to the Tender Offers

The Offer to Purchase is being distributed to holders beginning today. Morgan Stanley is the dealer manager for the tender offers. Investors with questions regarding the tender offers may contact Morgan Stanley. D.F. King & Co., Inc. is the tender and information agent for the tender offers.

None of the Company or its affiliates, their respective boards of directors or managers, the dealer manager, the tender and information agent or the trustee with respect to any Securities is making any recommendation as to whether holders should tender any Securities, in response to any of the tender offers and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Securities, and, if so, the principal amount of Securities to tender.

The full details of the tender offers, including complete instructions on how to tender Securities, are included in the Offer to Purchase. Holders are strongly encouraged to read carefully the Offer to Purchase, including materials incorporated by reference therein, because they will contain important information.