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Ingersoll-Rand PLC Announces Pricing Of $1.55 Billion of Senior Notes

Monday, 17 Jun 2013 06:27pm EDT 

Ingersoll-Rand PLC announced that it has completed a $1.55 billion debt offering consisting of three tranches, maturing in 2019, 2023 and 2043. $350,000,000 aggregate principal amount of 2.875% notes due in 2019, $700,000,000 aggregate principal amount of 4.25% notes due on 2023, $500,000,000 aggregate principal amount of 5.75% notes due on 2043. The Company intends to use the net proceeds from the offering of the Notes to fund the redemption of IR Global`s existing $600 million aggregate principal amount of 6.00% Senior Notes due 2013 and $655 million aggregate principal amount of 9.5% Senior Notes due 2014 and to fund expenses related to previously-announced spin off of commercial and residential security businesses. The redemption premium expense for the early retirement of these notes will approximate $46 million and will negatively impact third-quarter and full-year earnings per share by approximately $0.15 per share. Additionally, the lower interest costs for the new debt and the early refinancing of the 2013 and 2014 notes will reduce the future annualized total interest expense by approximately $30 million. 

Company Quote

2.65 +4.28%
22 Jul 2014