AI English summary of an SEC filing — figures as filed
Ingersoll Rand IRIngersoll Rand said it entered into an underwriting agreement with the representatives of the underwriters on May 7, 2024 for senior notes due 2027 ($700,000,000), 2029 ($750,000,000), 2031 ($500,000,000), 2034 ($750,000,000) and 2054 ($600,000,000), and that it issued the senior notes on May 10, 2024.
Key points
AI summaryIngersoll Rand said it entered into an underwriting agreement with the representatives of the underwriters on May 7, 2024 for senior notes due 2027 ($700,000,000), 2029 ($750,000,000), 2031 ($500,000,000), 2034 ($750,000,000) and 2054 ($600,000,000), and that it issued the senior notes on May 10, 2024.
The company said the notes carry interest at 5.197% per year for the 2027 notes, 5.176% for the 2029 notes, 5.314% for the 2031 notes, 5.450% for the 2034 notes and 5.700% for the 2054 notes, with interest payable semi-annually in arrears on June 15 and December 15, starting on December 15, 2024.
Ingersoll Rand said it used the net proceeds of the 2034 and 2054 notes to repay in full its existing senior secured credit facility borrowings. It said that if the acquisition is not completed within the required time or the company notifies the trustee that it will not pursue the acquisition, the 2027, 2029 and 2031 notes must be redeemed at 101% of their principal amount.
The company said it entered into a $2,600,000,000 senior unsecured revolving credit facility with Citibank, N.A. as administrative agent on May 10, 2024. The facility has a term of 5 years from the signing date, and the company must maintain a ratio of adjusted consolidated total net debt to consolidated adjusted EBITDA of no more than 3.50 to 1.00.
Summary
AI-writtenAnalysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Issuance of 5 Senior Notes in Multiple Maturities
Ingersoll Rand said it entered into an underwriting agreement with the representatives of the underwriters on May 7, 2024 for senior notes due 2027 ($700,000,000), 2029 ($750,000,000), 2031 ($500,000,000), 2034 ($750,000,000) and 2054 ($600,000,000), and that it issued the senior notes on May 10, 2024.
Source · Based on the filing body and exhibits
Note Interest Rates and Payment Schedule
The company said the notes carry interest at 5.197% per year for the 2027 notes, 5.176% for the 2029 notes, 5.314% for the 2031 notes, 5.450% for the 2034 notes and 5.700% for the 2054 notes, with interest payable semi-annually in arrears on June 15 and December 15, starting on December 15, 2024.
Source · Based on the filing body and exhibits
Use of Note Proceeds and Special Mandatory Redemption
Ingersoll Rand said it used the net proceeds of the 2034 and 2054 notes to repay in full its existing senior secured credit facility borrowings. It said that if the acquisition is not completed within the required time or the company notifies the trustee that it will not pursue the acquisition, the 2027, 2029 and 2031 notes must be redeemed at 101% of their principal amount.
Source · Based on the filing body and exhibits
New $2,600,000,000 Unsecured Revolving Credit Facility
The company said it entered into a $2,600,000,000 senior unsecured revolving credit facility with Citibank, N.A. as administrative agent on May 10, 2024. The facility has a term of 5 years from the signing date, and the company must maintain a ratio of adjusted consolidated total net debt to consolidated adjusted EBITDA of no more than 3.50 to 1.00.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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