Allegion readies launch of $300 million term loan B for Wednesday

By Sara Rosenberg

New York, Sept. 9 - Allegion U.S. Holding Co. Inc. set a bank meeting for 10:30 a.m. ET in New York on Wednesday to launch a $300 million seven-year term loan B, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The term loan is talked at Libor plus 275 basis points with a 0.75% Libor floor and an original issue discount of 993/4, the source said.

Included in the loan is 101 soft call protection for six months.

Proceeds will be used to pay a dividend to Ingersoll Rand in connection with Allegion's spinoff from Ingersoll.

Corporate ratings are expected in the mid-to-high BB area, the source added.

Allegion is a Dublin, Ireland-based provider of security products and solutions.

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