Resideo to start roadshow Thursday for $400 million eight-year notes

By Paul A. Harris

Portland, Ore., Sept. 26 – Resideo Funding Inc. plans to start a roadshow on Thursday in New York and New Jersey for a $400 million offering of eight-year senior notes (B1/BB+) related to Honeywell International Inc.'s spinoff of the Honeywell Home business, according to a syndicate source.

The roadshow continues in New York on Friday, travels to San Francisco on Monday, to Los Angeles on Tuesday, and to Boston on Oct. 3, and the Rule 144A and Regulation S for life offering is set to price thereafter.

Goldman Sachs & Co. is the left bookrunner. J.P. Morgan Securities LLC, Barclays and BofA Merrill Lynch are the joint bookrunners.

The notes become callable after three years at par plus 75% of the coupon.

Proceeds, along with proceeds from a concurrent term loan, will be used to repay an approximately $1.2 billion intercompany note to Honeywell or a subsidiary of Honeywell, with any remaining proceeds to be used for general corporate purposes.

Resideo Funding is a special purpose vehicle of Resideo Technologies Inc., a Morris Plains, N.J.-based provider of critical comfort and security solutions primarily in residential environments.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.