Industrial goods manufacturer
) wholly-owned subsidiary Allegion US Holding Company Inc
recently completed the debt offering of $300 million worth of
5.75% senior notes.
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At the same time, Allegion closed the syndication of $1 billion
senior secured term loan facilities. These include two equal
amounts of 'tranche A' and 'tranche B' term loan facilities due
in 2018 and 2020, respectively. Allegion also obtained a new $500
million worth of senior secured revolving credit facility
maturing in 2018.
Allegion intends to utilize the proceeds from the debt offering
to pay a special cash dividend to Ingersoll prior to the proposed
spin-off. In Dec 2012, Ingersoll had approved a spin-off plan of
its commercial and residential security businesses. The company
expects the divestiture to be completed prior to 2013 end.
In June, Ingersoll Rand completed the offering of $1.55 billion
notes. The offering consisted of three tranches; viz., 2.875%
Notes worth $350 million due in 2019, 4.25% Notes worth $700
million due in 2023 and 5.75% Notes worth $500 million due in
2043. The proceeds from the issue were used to pay-off the
company's 6.00% Senior Notes worth $600 million due in 2013 and
9.5% Senior Notes worth $655 million due in 2014. The remainder
of the proceeds was used for the proposed spin-off.
Based in Montvale, NJ, Ingersoll designs, manufactures, sells and
services a range of industrial and commercial products in the
United States and internationally. Its product portfolio includes
energy-efficient solutions, residential solutions, technology and
security related services both in the domestic and international
Ingersoll currently carries a Zacks Rank #2 (Buy). Other stocks
that are worth a look in the industry include
The Middleby Corp.
), each carrying a Zacks Rank #2 (Buy).