Simpson Thacher represented the initial purchasers, led by Morgan Stanley & Co. LLC, in connection with a Rule 144A/Regulation S offering by Resideo Funding Inc., a wholly-owned subsidiary of Resideo Technologies, Inc. (“Resideo”), of $600 million aggregate principal amount of 6.500% Senior Notes due 2032. The offering was upsized from $500 million to $600 million.
Resideo intends to use the net proceeds from the notes offering to repay a portion of the outstanding indebtedness under Resideo’s senior secured Term B loans maturing on February 21, 2028.
Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally. Through its ADI Global Distribution business, Resideo is also a leading wholesale distributor of professionally installed electronic security and life safety products for commercial and residential markets and serves a variety of adjacent product categories including audio visual, data communications, and smart home solutions.
The Simpson Thacher team for this transaction included Dave Azarkh, Daniel Webb, Matt Petrone, Traci Biedermann, Sofia Elkina, Diana Yen and Leena Sanka (Capital Markets); Michael E. Mann (Tax); Tristan Brown and Pasco Struhs (ECEB); Bobbie Burrows (Intellectual Property); Abram Ellis and Anais Bourbon (Regulatory); Noreen Lavan (Environmental); and Jennie Getsin (Blue Sky).