The debut high-yield notes are being offered in connection with a planned spinoff of Honeywell’s advanced materials business

Davis Polk advised the representatives of the initial purchasers on the Rule 144A / Regulation S offering of $1 billion aggregate principal amount of 5.625% senior notes due 2026 issued by Solstice Advanced Materials Inc., a wholly owned subsidiary of Honeywell International Inc., in connection with the planned spinoff of Honeywell’s advanced materials business.

Solstice Advanced Materials is a global, differentiated advanced materials company and a leading global provider of refrigerants, semiconductor materials, protective fibers and healthcare packaging. The company operates through two segments, reported as Refrigerants & Applied Solutions and Electronic & Specialty Materials. Solstice’s business is recognized as an industry innovator as well as a technology and quality leader, supported by some of the industry’s most well-known brands.

The Davis Polk capital markets team included partners John B. Meade and Hillary A. Coleman and associates Xi (Brooke) Zheng, Yao Li and Jenna Pedranti. The finance team included partner Scott M. Herrig, counsel Jeffrey (Man To) Hon and associates Blair Shi and Gabrielle McLymont. Partner Pritesh P. Shah provided intellectual property advice. Members of the Davis Polk team are based in the New York and London offices.

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