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

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

The Notes, the senior secured term loan facilities and the senior secured revolving credit facility are guaranteed by Allegion plc, Schlage Lock Company LLC and Von Duprin LLC. The Company will not be a guarantor or obligor with respect to the Notes, the senior secured term loan facilities, or the senior secured revolving credit facility.

Allegion Holdings intends 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.

Ingersoll Rand advances the quality of life by creating and sustaining safe, comfortable and efficient environments. The company's family of brands—including Club Car, Ingersoll Rand, Schlage, Thermo King and Trane —work together to enhance the quality and comfort of air in homes and buildings; transport and protect food and perishables; secure homes and commercial properties; and increase industrial productivity and efficiency.