Allegion amends, extends senior credit facility; reduces pricing

By Tali Rackner

Norfolk, Va., Sept. 30 – Allegion plc amended and extended its senior credit facility with JPMorgan Chase Bank, NA on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

Interest on the loans was reduced to a spread of Libor plus 137.5 basis points to 187.5 bps based on the company’s credit rating.

The maturity was extended by one year to Oct. 15, 2020 from Oct. 15, 2019.

In addition, the company amended certain restrictive covenants to provide additional flexibility under the credit terms.

The restated agreement also refinanced the $938.4 million outstanding borrowings under Allegion’s existing term loan A facility, according to a press release.

The revolving credit facility credit agreement continues to permit borrowings in an amount equal to $500 million, of which up to $100 million is available for the issuance of letters of credit, and including a swingline facility in an amount equal to $50 million.

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

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