Honeywell International (HON) said Tuesday its specialty materials unit, Solstice Advanced Materials, has launched a private offering of $1 billion of senior notes due 2033 ahead of its planned spinoff.

Honeywell said Solstice expects to enter into senior credit facilities, including a senior secured first-lien term B loan facility, a senior secured first-lien revolving credit facility and at least one uncommitted letter of credit facility.

Proceeds from the notes, along with the term B loan, would be used to fund a distribution to Honeywell related to the spinoff and for general corporate purposes, according to a statement.

The Solstice spinoff is expected to be completed in Q4, Honeywell said.

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