Ingersoll Rand Announces $1.3 Bln Financing By Allegion Holding - Quick Facts

(RTTNews) - Ingersoll-Rand plc (IR) announced that its indirect, wholly owned subsidiary, Allegion US Holding Company Inc. has completed an offering of 5.75 percent senior notes in the aggregate principal amount of $300 million maturing in 2021.

In addition, Allegion Holdings completed the syndication of $1 billion senior secured term loan facilities, consisting of a $500 million "tranche A" term loan facility due in 2018 and a $500 million "tranche B" term loan facility due in 2020.

The company said that Allegion Holdings will also enter into a $500 million senior secured revolving credit facility maturing in 2018.

Allegion Holdings stated that it plans to use the net proceeds from the offering of the Notes and the senior secured term loan facilities to pay a special cash distribution to the company prior to the proposed spin-off of the company's commercial and residential security businesses, with any remaining amounts used for general corporate purposes.