S&P rates Allegion notes BBB

S&P said it assigned its BBB issue-level rating to Allegion US Holding Co. Inc.'s proposed senior unsecured notes due 2024 and 2027. Allegion plc, Allegion's parent, is the guarantor of the notes.

Allegion intends to use the proceeds from these notes to fully redeem in full its senior unsecured notes due in 2021 and 2023, repay borrowings under its $500 million revolving credit facility due 2022 and pay any related redemption premiums and fees and expenses. The company plans to use any remaining funds for general corporate purposes.

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