DivestmentJul 1, 2026, 04:18 PM
Resideo Sets ADI Spin-off for Aug 3; ADI Raises $400M Notes, $1.1B Credit
AI Summary
Resideo Technologies, Inc. announced its Board of Directors formally approved the planned spin-off of its ADI Global Distribution business, setting a record date of July 20, 2026, and a distribution date of August 3, 2026. Resideo shareholders will receive one share of ADI common stock for every two shares of Resideo common stock held. In connection with the spin-off, ADI completed a $400 million offering of 7.125% Senior Notes due 2034 and entered into a Credit Agreement for a $600 million term loan facility and a $500 million revolving credit facility.
Key Highlights
- Resideo Board approved the spin-off of its ADI Global Distribution business.
- Record date for the ADI spin-off is set for July 20, 2026.
- Distribution date for the ADI spin-off is set for August 3, 2026.
- Shareholders will receive one share of ADI common stock for every two shares of Resideo.
- ADI common stock is expected to begin trading on NYSE under "ADIG" on August 4, 2026.
- ADI completed a $400 million offering of 7.125% Senior Notes due 2034.
- ADI secured a $600 million senior secured term B loan facility and a $500 million revolving credit facility.
- The spin-off is expected to be tax-free for U.S. federal income tax purposes.
Price Impact
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