Allegion to call 5.75%, 5.875% notes, repay revolver with deal funds

New York, Sept. 18 – Allegion plc plans to redeem its 5.75% senior notes due 2021 and its 5.875% senior notes due 2023 and to repay borrowings under its senior revolving credit facility using proceeds from an offering of new senior notes due 2024 and 2027.

The company currently has $300 million of the 5.75% notes outstanding and $300 million of the 5.875% notes, according to a 424B5 filing with the Securities and Exchange Commission.

Allegion plans to repay $165 million of revolver borrowings.

Any remaining proceeds will be used for general corporate purposes.

Allegion is based in Carmel, Ind., and has its corporate headquarters in Dublin. It provides security products.

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