We advised the initial purchasers on the debut high-yield offering

Davis Polk advised the representative of the initial purchasers on the Rule 144A / Regulation S offering of $400 million aggregate principal amount of 7.125% senior notes due 2034 issued by ADI Escrow Issuer LLC, a wholly owned subsidiary of ADI Global Distribution Inc. The notes were offered in connection with the planned spinoff of Resideo Technologies, Inc.’s ADI Global Distribution business. In connection with the consummation of the spinoff and satisfaction of certain escrow conditions, the notes will be assumed by ADI Global Distribution Funding LLC, a wholly owned subsidiary of ADI Global Distribution Inc.

ADI is a global specialty distributor of professionally installed low-voltage products serving commercial and residential markets though 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.

The Davis Polk capital markets team included partner Michael Kaplan and associates Sofia Sitterson, Jonathon Gex Artigues and David J. Kilduff. Counsel Yixuan Long and associates Hunter P. Shaw and Serena Cheng provided tax advice. Counsel Michael Comstock and associate David Sacasa-Ospina provided environmental advice. Partner Matthew J. Bacal provided intellectual property advice. All members of the Davis Polk team are based in the New York office.

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