Member access

4-Traders Homepage  >  Shares  >  Nyse  >  Ingersoll-Rand PLC    IR   IE00B6330302

SummaryQuotesChart AnalysisNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll news 

Ingersoll-Rand PLC : Ingersoll-Rand's Allegion Announces $1.3 Billion Financing

09/27/2013 | 06:23pm US/Eastern
Recommend:
0
   By Anna Prior 
 

Ingersoll-Rand PLC (>> Ingersoll-Rand PLC) said Friday its security business unit, Allegion, has completed $1.3 billion in financing using loans and bonds.

Late last year, the diversified industrial company said it plans to spin off Allegion, consisting of Ingersoll-Rand's commercial and residential security businesses, into a standalone company as part of a broader compromise with Trian Fund Management LP. The spinoff is slated to happen by the end of the year.

The new company will be headed by David Petratis, who has been chief executive of Quanex Building Products Corp. (>> Quanex Building Products Corporation), and will manufacture door locks and locking systems for residential and commercial buildings.

On Friday, Ingersoll-Rand said Allegion completed an offering of $300 million of senior notes, as well as the syndication of $1 billion senior secured term loan facilities.

Allegion 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 Ingersoll-Rand prior to the proposed spinoff, with any remaining amounts used for general corporate purposes, said Ingersoll-Rand.

In July, Ingersoll-Rand reported its second-quarter profit fell 13% as higher expenses and tax provisions wiped out the company's rise in revenue.

Shares, inactive after hours, closed Friday at $65.42. Through the close, the stock has risen 36% since the start of the year.

Write to Anna Prior at anna.prior@wsj.com

Stocks mentioned in the article : Ingersoll-Rand PLC, Quanex Building Products Corporation
Recommend :
0
React to this article
Latest news on INGERSOLL-RAND PLC
6d ago INGERSOLL RAND : WEEC Attendees Learn from Trane How to "Hear" a Building and Tr..
6d ago INGERSOLL RAND : WEEC Attendees Learn from Trane How to “Hear” a Bui..
7d ago INGERSOLL RAND : Among Top Companies in the CDP S&P 500 Climate Change Report
09/24 INGERSOLL RAND : Thermo King Unveils the Latest Technology and Sustainable Advan..
09/23 INGERSOLL RAND : Thermo King Offers New Choices to Reduce Greenhouse Gas Emissio..
09/22 INGERSOLL RAND : to Cut Greenhouse Gas Emissions in Half by 2020; Invests $500 M..
09/11 INGERSOLL RAND : Selected for the 2014 Dow Jones Sustainability World and North ..
09/10 INGERSOLL RAND : to Present at the 2nd Annual Morgan Stanley Laguna Conference
09/10 INGERSOLL RAND : Market Activity Updates, Event Highlights, New Orders, and Reco..
09/10 INGERSOLL-RAND PLC : ex-dividend day
Advertisement
Chart
Duration : Period :
Ingersoll-Rand PLC Technical Analysis Chart | IR | IE00B6330302 | 4-Traders
Income Statement Evolution
More Financials
Dynamic quotes  
ON
| OFF