By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Trane Technologies Financing Ltd. priced $700 million of 5.25% 10-year senior notes (Baa2/BBB) on Thursday at 99.869 to yield 5.267%, or a spread of 142 basis points over Treasuries, according to a 424B5 filing with the Securities and Exchange Commission.
Any change of control will trigger a put at 101.
The notes will be guaranteed by Trane Technologies plc, Trane Technologies Global Holding Co. Ltd., Trane Technologies Lux International Holding Co. Sarl, Trane Technologies Irish Holdings Unltd. Co., Trane Technologies Co. LLC and Trane Technologies HoldCo Inc.
BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are leading the sale. BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Mizuho Securities USA LLC are also joint bookrunners.
The issuer held fixed-income investor calls for the deal on Tuesday, according to a market source.
Proceeds will be used to redeem the 4.25% senior notes due 2023 with any remaining proceeds slated for general corporate purposes.
The industrial manufacturing company is based in Swords, Ireland. The company was spun off from Ingersoll-Rand in February 2020.
Issuer: | Trane Technologies Financing Ltd.
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Guarantors: | Trane Technologies plc, Trane Technologies Global Holding Co. Ltd., Trane Technologies Lux International Holding Co. Sarl, Trane Technologies Irish Holdings Unltd. Co., Trane Technologies Co. LLC and Trane Technologies HoldCo Inc.
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Amount: | $700 million
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Issue: | Senior notes
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Maturity: | March 3, 2033
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Bookrunners: | BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Mizuho Securities USA LLC
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Co-managers: | Deutsche Bank Securities Inc., MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc.
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Trustee: | Computershare Trust Co., NA
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Counsel to issuer: | King & Spalding LLP, Arthur Cox LLP and Loyens & Loeff Luxembourg Sarl
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Counsel to underwriters: | Davis Polk & Wardwell LLP
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Coupon: | 5.25%
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Price: | 99.869
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Yield: | 5.267%
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Spread: | Treasuries plus 142 bps
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Call features: | Make-whole call at Treasuries plus 25 bps until Dec. 3, 2032; thereafter at par
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Change of control: | At 101
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Trade date: | Feb. 16
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Settlement date: | March 3
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Ratings: | Moody’s: Baa2
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| S&P: BBB
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Distribution: | SEC registered
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Cusip: | 892938AA9
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