MORRISTOWN (dpa-AFX) - Honeywell International Inc. (HON), a technology and manufacturing conglomerate, on Tuesday announced that its planned spin-off, Solstice Advanced Materials Inc., has launched a private offering of $1 billion in senior notes due 2033.
The spin-off is expected to be completed in the fourth quarter of 2025.
Solstice also plans to enter into a senior secured first-lien term B loan, a revolving credit facility, and uncommitted letter of credit facilities.
Proceeds from the notes, along with borrowings under the term B loan, will be used to distribute funds to Honeywell, cover financing-related fees, and for general corporate purposes.
If the notes are satisfied by March 31, 2026, the notes will be redeemed at par plus accrued interest.
The notes will be senior unsecured obligations of Solstice and guaranteed on a senior unsecured basis by its existing and future domestic subsidiaries that guarantee the new secured facilities.
In the pre-market trading, 0.10% higher at $211.94 on the Nasdaq.
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