The Firm represented Ingersoll-Rand plc (NYSE: IR) in connection with its spin-off of Allegion plc (NYSE: ALLE), a new, independent, publicly traded company that owns the commercial and residential security businesses previously owned by Ingersoll Rand. On December 1, 2013, Ingersoll Rand shareholders received one Allegion share for every three Ingersoll Rand shares held of record as of November 22, 2013.
In connection with the spin-off, the Firm also represented Allegion in its:
· Entry into a credit facility providing for $1.3 billion of senior secured financing, consisting of a $500 million term loan A facility, a $500 million term loan B facility and a $300 million revolving credit facility.
· Its Rule 144A and Regulation S offering of $300 million aggregate principal amount of 5.75% Senior Notes due 2021
The Simpson Thacher team included Josh Bonnie, Andy Keller, Justin Cooke and Tony Rim (Capital Markets); Karen Kelley, Jennifer Nadborny and James Rapp (Public Company Advisory Practice); Marissa Wesely, Christopher Brown, Christian Fischer and Taylor Smith (Banking and Credit); Mario Ponce, Kevin Lehpamer, Michael Goldberg and Lowell Battles (M&A); David Rubinsky, Paul Koppel and Jeannine McSweeney (Executive Compensation and Employee Benefits); Devin Heckman (Tax); and Adeeb Fadil (Environmental).