Honeywell: unit Resideo issues bond ahead of IPO
(CercleFinance.com) - Honeywell's home security and low voltage product unit Resideo is launching a 400 million dollar bond to repay its debt as it prepares for its initial public offering later this month.
Resideo has priced the 400 million dollar senior note, which is due in 2026, at a rate of 6.125% per year.
The firm intends to use the proceeds from the offering to repay intercompany debt to Honeywell.
It is expected that repayments to Honeywell will be approximately 1.2 billion dollars.
As a result of the spin-off, Resideo shares should begin trading on the New York Stock Exchange around Monday 15 October.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Resideo has priced the 400 million dollar senior note, which is due in 2026, at a rate of 6.125% per year.
The firm intends to use the proceeds from the offering to repay intercompany debt to Honeywell.
It is expected that repayments to Honeywell will be approximately 1.2 billion dollars.
As a result of the spin-off, Resideo shares should begin trading on the New York Stock Exchange around Monday 15 October.
Copyright (c) 2018 CercleFinance.com. All rights reserved.