SCOTTSDALE, Ariz., July 10,
2024 /PRNewswire/ -- Resideo Technologies, Inc.
(NYSE:REZI) (the "Company" or "Resideo") today announced that
Resideo Funding Inc. (the "Issuer"), a direct wholly-owned
subsidiary of the Company, has priced its private offering of
$600 million aggregate principal
amount of 6.500% Senior Notes due 2032 (the "Notes"), which
represents an increase of $100
million from the previously announced aggregate offering
size. The Notes were priced at an issue price equal to 100% of
their principal amount. The Issuer's obligations under the Notes
will be fully and unconditionally guaranteed on an unsecured basis
initially by the Company and each of its subsidiaries that
guarantees the Company's existing senior credit facilities.
The Company intends to use the net proceeds from the sale of the
Notes to repay a portion of the outstanding indebtedness under the
Company's senior secured Term B loans maturing on February 21, 2028.
The sale of the Notes is expected to close on July 17, 2024, subject to the satisfaction or
waiver of customary closing conditions.
The Notes are being offered only to persons reasonably believed
to be qualified institutional buyers in reliance on Rule 144A under
the Securities Act of 1933, as amended (the "Securities Act"), and
outside the United States, only to
non-U.S. investors pursuant to Regulation S. The Notes and the
related guarantees will not be registered under the Securities Act
or any state securities laws and, unless so registered, may not be
offered or sold except pursuant to an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws.
This press release does not constitute an offer to sell, or the
solicitation of an offer to buy, the Notes, the related guarantees
or any other security, and shall not constitute an offer,
solicitation or sale of any securities in any state or jurisdiction
in which, or to any persons to whom, such offering, solicitation or
sale would be unlawful.
About Resideo
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 our ADI Global
Distribution business, we are also a leading wholesale distributor
of professionally installed electronic security and life safety
products for commercial and residential markets and serve a variety
of adjacent product categories including audio visual, data
communications, and smart home solutions.
Forward-Looking Statements
This release contains "forward-looking statements," including
statements relating to the proposed offering and the anticipated
use of the net proceeds from the offering. All statements,
other than statements of fact, that address activities, events or
developments that we or our management intend, expect, project,
believe or anticipate will or may occur in the future are
forward-looking statements. Although we believe forward-looking
statements are based upon reasonable assumptions, such statements
involve known and unknown risks and uncertainties, which may cause
the actual results or performance of the Company to differ
materially from such forward-looking statements. Such risks and
uncertainties include, but are not limited to, (1) our ability to
achieve our outlook regarding the second quarter 2024 and full year
2024, (2) our ability to recognize the expected savings from, and
the timing and impact of, our existing and anticipated cost
reduction actions, and our ability to optimize our portfolio and
operational footprint, (3) the amount of our obligations and nature
of our contractual restrictions pursuant to, and disputes that have
or may hereafter arise under the agreements we entered into with
Honeywell International Inc. in connection with our spin-off, (4)
risks related to our recently completed acquisitions including our
ability to achieve the targeted amount of annual cost synergies and
successfully integrate the acquired operations (including
successfully driving category growth in connected offerings), (5)
the ability of Resideo to drive increased customer value and
financial returns and enhance strategic and operational
capabilities as a result of the completion of the Snap One Holdings
Corp. ("Snap One") transaction, (6) the ability of Resideo to
achieve the targeted amount of synergies and the related valuation
implications arising from the Snap One transaction, (7) the
accretive nature of the Snap One transaction to Resideo's non-GAAP
EPS in the first full year of ownership and the growth and margin
profile of the combined businesses, (8) the ability to accelerate
brand strategy as a result of the Snap One transaction, (9) the
ability to integrate the Snap One business into Resideo and realize
the anticipated strategic benefits of the transaction, including
the anticipated operational and strategic benefits of the
transaction, and (10) the other risks described under the headings
"Risk Factors" and "Cautionary Statement Concerning Forward-Looking
Statements" in our Annual Report on Form 10-K for the year ended
December 31, 2023 and other periodic
filings we make from time to time with the Securities and Exchange
Commission. Forward-looking statements are not guarantees of future
performance, and actual results, developments, and business
decisions may differ from those envisaged by our forward-looking
statements. Except as required by law, we undertake no obligation
to update such statements to reflect events or circumstances
arising after the date of this press release and we caution
investors not to place undue reliance on any such forward-looking
statements.
Contacts:
Resideo Investors:
Jason
Willey
Vice President, Investor Relations
investorrelations@resideo.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/resideo-announces-upsize-and-pricing-of-6-500-senior-notes-due-2032--302194073.html
SOURCE Resideo Technologies, Inc.