We advised the administrative agent, arrangers and bookrunners on the transaction

Davis Polk advised the administrative agent, joint lead arrangers and joint bookrunners in connection with a $600 million term loan B facility and a $500 million revolving credit facility provided to ADI Global Distribution Funding LLC.

The facilities were established in connection with the spin-off of Resideo Technologies, Inc.’s ADI Global Distribution business. The proceeds of the term loan facility were used to fund the spin-off distribution and the proceeds of the revolving facility will be used for working capital and other general corporate purposes.

ADI is a global specialty distributor of professionally installed low-voltage products serving commercial and residential markets through an omnichannel go-to-market platform. Within North America, ADI is the market-leading distributor in the professionally installed security, fire/life safety and audio-visual product categories. The company offers over 500,000 products from more than 1,000 suppliers across key specialty low-voltage categories, with strong proximity to customers with a large network of store locations.

Resideo Technologies is a leading global manufacturer and distributer of technology-driven products and solutions that provide comfort, security, energy efficiency and control to customers worldwide. Resideo has a presence in more than 150 million residential and commercial spaces globally, with tens of millions new devices sold annually.

The Davis Polk finance team included partner David Hahn, counsel Ping Chi Bobby Yeh and associate Blair (Jiaxin) Shi. The tax team included counsel Yixuan Long and associates Michael Hsieh and Serena Cheng. Partner Matthew J. Bacal and associates Anna Childress and Alice Scamps-Goodman provided intellectual property advice. All members of the Davis Polk team are based in the New York office.

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