HONEYWELL ANNOUNCES LAUNCH OF SOLSTICE ADVANCED MATERIALS' OFFERING OF SENIOR NOTES IN CONNECTION WITH PLANNED SPIN-OFF
Honeywell (NASDAQ: HON) announced that its spin-off company, Solstice Advanced Materials, has initiated a private offering of $1 billion senior notes due 2033. The offering is part of the previously announced spin-off transaction expected to complete in Q4 2025.
Solstice plans to establish Senior Credit Facilities, including a secured first-lien term B loan and revolving credit facility. The proceeds will primarily fund a distribution to Honeywell and cover transaction expenses. If spin-off conditions aren't met by March 31, 2026, the notes will be redeemed at 100% principal plus interest.
The notes will be senior unsecured obligations, offered exclusively to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
Honeywell (NASDAQ: HON) ha annunciato che la sua azienda spin-off, Solstice Advanced Materials, ha avviato un'offerta privata di note senior da 1 miliardo di dollari in scadenza nel 2033. L'offerta fa parte della transazione di spin-off già annunciata, che dovrebbe chiudersi nel VI trimestre del 2025. Solstice intende istituire linee di credito Senior, tra cui un prestito garantito a primo diritto di ipoteca di tipo B e una linea di credito revolving. I proventi serviranno principalmente a distribuire fondi a Honeywell e a coprire le spese della transazione. Se le condizioni dello spin-off non saranno soddisfatte entro il 31 marzo 2026, i notes saranno rimborsati al 100% del capitale più interessi. I note saranno obbligazioni senior non garantite, offerte esclusivamente a compratori istituzionali qualificati ai sensi della Rule 144A e a persone non statunitensi ai sensi del Regolamento S.
Honeywell (NASDAQ: HON) anunció que su empresa derivada, Solstice Advanced Materials, ha iniciado una oferta privada de 1.000 millones de dólares en notas senior con vencimiento en 2033. La oferta forma parte de la transacción de spin-off anunciada previamente, que se espera cierre en el cuarto trimestre de 2025. Solstice planea establecer líneas de crédito senior, incluida un préstamo garantizado de primer grado de tipo B y una línea de crédito revolving. Los ingresos se destinarán principalmente a distribuir fondos a Honeywell y a cubrir gastos de la transacción. Si no se cumplen las condiciones del spin-off para el 31 de marzo de 2026, las notas se canjearán al 100% del principal más intereses. Las notas serán obligaciones senior no garantizadas, ofrecidas exclusivamente a compradores institucionales cualificados conforme a la Regla 144A y a personas fuera de EE. UU. conforme al Reglamento S.
허니웰(Honeywell, NASDAQ: HON)은 분사 회사인 Solstice Advanced Materials가 2033년 만기 10억 달러 규모의 우선채권의 비공개 발행에 착수했다고 발표했습니다. 이 발행은 이미 발표된 분사 거래의 일부로, 2025년 4분기에 완료될 것으로 예상됩니다. Solstice는 우선 신용시설을 마련할 예정이며, 담보 1순위 B형 만기 대출과 회전 신용 한도를 포함합니다. 조달 금액은 주로 Honeywell에 대한 배당 및 거래 비용 충당에 사용될 것입니다. 분사 조건이 2026년 3월 31일까지 충족되지 않으면 채권은 원금과 이자를 합산한 100%로 상환됩니다. 채권은 무담보 선순위 채무로서, Rule 144A에 따라 자격 있는 기관투자자와 Reg S에 따라 비미국인 투자자에게만 제공됩니다.
Honeywell (NASDAQ: HON) a annoncé que sa société issue du spin-off, Solstice Advanced Materials, a lancé une émission privée de notes senior d’un montant de 1 milliard de dollars arrivant à échéance en 2033. L’offre fait partie de la transaction de spin-off annoncée précédemment, qui devrait être finalisée au quatrième trimestre 2025. Solstice prévoit d’établir des facilités de crédit senior, y compris un prêt hypothécaire de premier rang de type B garanti et une ligne de crédit renouvelable. Les fonds seront principalement destinés à financer une distribution à Honeywell et à couvrir les frais de la transaction. Si les conditions du spin-off ne sont pas remplies d’ici le 31 mars 2026, les notes seront remboursées au pair (100% du principal plus les intérêts). Les notes seront des obligations senior non garanties, offertes uniquement à des acheteurs institutionnels qualifiés en vertu de la règle 144A et à des personnes non américaines en vertu du règlement S.
Honeywell (NASDAQ: HON) gab bekannt, dass sein Spin-off-Unternehmen Solstice Advanced Materials eine private Platzierung von 1 Milliarde US-Dollar an Senior Notes mit Fälligkeit 2033 gestartet hat. Das Angebot ist Teil der zuvor angekündigten Spin-off-Transaktion, die voraussichtlich im 4. Quartal 2025 abgeschlossen wird. Solstice plant die Einrichtung von Senior-Credit-Facilities, darunter ein besichertes First-Lien-Term B-Loan und eine revolvierende Kreditfazilität. Die Erlöse dienen hauptsächlich der Ausschüttung an Honeywell und der Deckung von Transaktionskosten. Falls die Spin-off-Bedingungen bis zum 31. März 2026 nicht erfüllt sind, werden die Notes mit 100% des Nennbetrags zuzüglich Zinsen zurückgezahlt. Die Notes werden vorrangige unbesicherte Verbindlichkeiten sein und ausschließlich an qualifizierte institutionelle Käufer gemäß Rule 144A bzw. an Nicht-US-Personen gemäß Regulation S angeboten.
أعلنت شركة Honeywell (المدرجة في ناسداك: HON) أن شركة التفكيك التابعة لها Solstice Advanced Materials قد بدأت عرضاً خاصاً بـ سندات كبار مطوّلة بقيمة 1 مليار دولار وتستحق في 2033. يأتي العرض ضمن صفقة التفكيك التي أُعلنت سابقاً والمتوقّع إتمامها في الربع الرابع من 2025. تخطط Solstice لإنشاء تسهيلات ائتمانية كبيرة من فئة Senior، بما في ذلك قرض من الرتبة الأولى مضمّن من النوع B وائتمانات دوارة. ستُوجّه العائدات أساساً لتوزيعها على Honeywell وتغطية مصروفات الصفقة. إذا لم تتحقق شروط التفكيك بحلول 31 مارس 2026، فسيتم سداد السندات عند 100% من القيمة الاسمية بالإضافة إلى الفوائد. ستكون هذه السندات من القُروضSenior غير المضمونة، وتُعرض حصراً للمشترين المؤسسيين المؤهلين وفق القاعدة 144A ولأشخاص غير أمريكيين وفقRegulation S.
霍尼韦尔（纳斯达克股票代码：HON）宣布，其分拆公司 Solstice Advanced Materials 已启动总额为 10 亿美元、2033 年到期的高级票据私募发行。本次发行是此前宣布的分拆交易的一部分，预计将于 2025 年第四季度 完成。Solstice 计划设立高级信贷设施，包括一笔首级抵押担保的 B 类期限贷款和一笔循环信贷额度。募集资金将主要用于向 Honeywell 分配，以及支付交易费用。如果在 2026 年 3 月 31 日 之前未满足分拆条件，票据将以本金 100% 加上利息进行赎回。票据将为高级无担保债务，仅向符合 Rule 144A 的合格机构买家和 Reg S 下的非美国人士发行。
- Strategic separation of Solstice Advanced Materials through planned spin-off enhances business focus
- Successful debt raising of $1 billion demonstrates market confidence in Solstice's standalone potential
- Multiple credit facilities arrangement provides financial flexibility for the new company
- Increased debt burden for Solstice with $1 billion notes offering
- Risk of mandatory redemption if spin-off conditions aren't met by March 2026
- Additional leverage through secured credit facilities may impact financial flexibility
Insights
Honeywell's spin-off of Solstice progresses with $1B debt offering, signaling concrete financial structuring ahead of Q4 completion.
Honeywell's planned spin-off of Solstice Advanced Materials is gaining significant momentum with the announcement of a
The announcement provides several important details about the financial architecture of the spin-off. Solstice is establishing a comprehensive capital structure that includes not just these senior notes but also secured credit facilities - specifically a senior secured first-lien term B loan and a revolving credit facility. This multi-layered financing approach suggests Solstice is being positioned with adequate liquidity and financial flexibility as it prepares for independence.
The escrow provision, requiring redemption if the spin-off conditions aren't met by March 31, 2026, serves as a protective mechanism for note purchasers and indicates management's confidence in completing the transaction within the projected Q4 2025 timeframe. The notes' positioning as senior unsecured obligations, coupled with guarantees from domestic subsidiaries, demonstrates a conventional approach to debt structuring for corporate separations.
This financing announcement represents tangible progress in Honeywell's previously communicated strategy to spin off Solstice, moving from conceptual planning into concrete implementation phases of the separation. For Honeywell, this transaction furthers its portfolio optimization efforts while potentially unlocking value by creating two more focused enterprises.
In connection with the Spin-Off, which is expected to be completed in the fourth quarter of 2025, Solstice expects to enter into a senior secured first-lien term B loan facility, a senior secured first-lien revolving credit facility, and one or more uncommitted letter of credit facilities (collectively, the "Senior Credit Facilities"). Solstice intends to use a portion of the gross proceeds of the Notes, together with borrowings under the senior secured first-lien term B loan facility, to make a distribution to Honeywell in connection with the Spin-Off and to pay fees, costs and expenses in connection with the Senior Credit Facilities and the Notes offering. Solstice intends to use the remaining proceeds, after payment of transaction expenses, if any, for general corporate purposes. The proceeds from the Notes offering will be held in escrow until satisfaction of the conditions precedent to the Spin-Off and certain other escrow release conditions. If such conditions are not met by March 31, 2026, the Notes will be redeemed at
The Notes will be senior unsecured obligations of Solstice and guaranteed on an unsecured senior basis by each of Solstice's existing and future domestic subsidiaries that guarantees the new senior secured credit facilities.
The Notes and related guarantees have not been, and will not be, registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws and may not be offered or sold within
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. Any offers of the Notes or related guarantees will be made only by means of a private offering memorandum.
About Solstice
Solstice Advanced Materials is a global, differentiated advanced materials company and a leading global provider of refrigerants, semiconductor materials, protective fibers and healthcare packaging. The company operates through two segments, reported as Refrigerants & Applied Solutions and Electronic & Specialty Materials. Solstice's business is recognized as an industry innovator as well as a technology and quality leader, supported by some of the industry's most well-known brands.
About Honeywell
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer, as well as more secure and sustainable.
Forward-Looking Statements and Other Disclaimers
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future. They are based on management's assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements, including with respect to any changes in or abandonment of the proposed Spin-Off, offering of the Notes or the Senior Credit Facilities. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the
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SOURCE Honeywell
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