Moody’s rates Allegion amended facility Ba1

Moody's Investors Service said it assigned a Ba1 corporate family rating, Ba1-PD probability of default rating and a Ba1/LGD3 rating to Allegion plc's $1,475,000,000 senior secured credit facility due October 2019.

The facility consists of a $500 million revolver and $975 million term loan A.

Allegion U.S. Holding Co. Inc.'s senior unsecured notes due 2021 were affirmed at Ba2.

The outlook is stable.

As Moody's is rating Allegion plc as the new borrower under the senior secured credit facility, it is simultaneously withdrawing the ratings for Allegion U.S. Holding, relating to the term loan A, term loan B and senior secured credit facility, which will happen at the close of the transaction.

On Oct. 16, Allegion announced that it amended and extended its senior credit facility. The amended facility primarily (a) replaced and upsized the term loan A; (b) repaid the outstanding term loan B facility in its entirety; (c) reduced credit spreads on term loan A; and (d) extended the applicable maturities to Oct. 15, 2019.

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