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Allegion enters five-year term loan, revolver totaling $750 million
By Marisa Wong
Los Angeles, Nov. 18 – Allegion plc entered into a new credit agreement on Thursday for $750 million of unsecured financing, consisting of a $250 million term loan and a $500 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
The full amount of the five-year term loan was made in a single draw on Nov. 18.
The term loan will amortize in quarterly installments at 5% per annum for the first three years and at 10% in year four and thereafter, with the balance due at maturity.
The five-year revolver includes $100 million for the issuance of letters of credit and $50 million for swingline loans.
Some of the commitments under the revolver are available to be drawn in currencies other than dollars, including euros and pounds sterling.
Outstanding borrowings bear interest at the BSBY rate plus an applicable margin ranging from 87.5 basis points to 137.5 bps, depending on the company’s credit ratings.
The commitment fee ranges from 9 bps to 20 bps, also based on ratings.
Allegion US Holding Co. Inc. is also a borrower under the credit agreement.
Bank of America, NA is administrative agent. BofA Securities, Inc., BNP Paribas Securities Corp., Citibank, NA, Goldman Sachs Bank USA, JPMorgan Chase Bank, NA and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners.
JPMorgan is syndication agent. Fifth Third Bank, Huntington National Bank, PNC Bank, NA, TD Bank, NA and U.S. Bank NA are co-documentation agents. BofA and BNP Paribas are sustainability coordinators.
The credit agreement refinanced in full the company’s existing credit agreement dated Sept. 12, 2017 with JPMorgan as administrative agent.
Allegion is a security products company based in Carmel, Ind.
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