New Issue: Allegion prices $400 million 3.5% 10-year senior notes at 173 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Sept. 19 – Allegion plc priced $400 million of 3.5% 10-year senior notes (Baa3/BBB/BBB-) on Thursday at 99.966 to yield 3.504%, or a spread of Treasuries plus 173 basis points, according to an FWP filing with the Securities and Exchange Commission.

BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the bookrunners.

Allegion subsidiary Allegion US Holding Co. Inc. will fully and unconditionally guarantee the notes.

Proceeds will be used to repay borrowings under its $700 million term loan facility.

Allegion is a security products company based in Carmel, Ind.

Issuer:	Allegion plc
Guarantor:	Allegion US Holding Co. Inc.
Amount:	$400 million
Description:	Senior notes
Maturity:	Oct. 1, 2029
Bookrunners:	BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Wells Fargo Securities LLC
Co-managers:	Fifth Third Securities, Inc., MUFG, PNC Capital Markets LLC, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
Coupon:	3.5%
Price:	99.966
Yield:	3.504%
Spread:	Treasuries plus 173 bps
Call features:	Make-whole call before July 1, 2029 at Treasuries plus 30 bps; thereafter at par
Change-of-control put:	101%
Trade date:	Sept. 19
Settlement date:	Sept. 27
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: BBB-
Distribution:	SEC registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.