Allegion plc (NYSE: ALLE) (“Allegion” or the “company”), a
leading global provider of security products and solutions, today
announced that it priced its previously announced offering by its
subsidiary, Allegion US Holding Company Inc. (“Allegion US
Holding”), of $600 million aggregate principal amount of 5.411%
senior notes due 2032 (the “notes”). The offering is expected to
close on June 22, 2022, subject to the satisfaction of customary
closing conditions.
The notes will be guaranteed upon their issuance by
Allegion.
Allegion intends to use all of the net proceeds from the senior
notes offering, together with cash on hand and additional
borrowings under its revolving credit facility, to finance the
acquisition of Stanley Access Technologies LLC (“Access
Technologies”) and assets related to the automatic entrance
solutions business from Stanley Black & Decker, Inc. (NYSE:
SWK), which is expected to close in the third quarter of 2022,
subject to regulatory approval and customary closing conditions
(the “transaction”). In the event that the transaction does not
close as contemplated, Allegion intends to use the net proceeds of
the offering for general corporate purposes, including repayment of
outstanding indebtedness.
“Allegion is pleased to have obtained this financing ahead of
our anticipated third-quarter closing of the Access Technologies
business acquisition,” said Allegion Senior Vice President and
Chief Financial Officer Mike Wagnes. “We believe the Access
Technologies business and the addition of its product lines into
the Allegion family will create a strong value proposition and new
growth opportunities for our company that enhance shareholder
value.”
Goldman Sachs & Co. LLC, BofA Securities, Inc. and J.P.
Morgan Securities LLC are acting as joint book-running
managers.
Allegion has filed an effective registration statement with the
U.S. Securities and Exchange Commission (“SEC”) for the offering
and encourages investors to read it (including the accompanying
prospectus, the related prospectus supplement and the information
incorporated by reference therein) for more complete information
about Allegion and the offering. You may obtain these documents for
free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, copies may also be obtained by contacting Goldman
Sachs & Co. LLC at the following address: 200 West Street, New
York, New York, 10282, Attn: Prospectus Department, or by calling
1-866-471-2526; BofA Securities, Inc. at the following address:
NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte,
North Carolina, 28255-0001, Attn: Prospectus Department, or by
calling 1-800-294-1322 or by emailing
dg.prospectus_requests@baml.com; or J.P. Morgan Securities LLC at
the following address: J.P. Morgan Securities LLC, 383 Madison
Avenue, New York, New York, 10179, Attn: Investment Grade Syndicate
Desk, 3rd Floor, or by calling collect 1-212-834-4533.
These securities are only offered by means of a prospectus and a
prospectus supplement related to the offering. This press release
is for informational purposes only and shall not constitute an
offer to sell, or the solicitation of an offer to buy, any
securities, nor will there be any sales of securities mentioned in
this press release in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Allegion
Allegion (NYSE: ALLE) is a global pioneer in seamless access,
with leading brands like CISA®, Interflex®, LCN®, Schlage®,
SimonsVoss® and Von Duprin®. Focusing on security around the door
and adjacent areas, Allegion secures people and assets with a range
of solutions for homes, businesses, schools and institutions.
Allegion had $2.9 billion in revenue in 2021, and its security
products are sold around the world. For more, visit
www.allegion.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, and Section 21E of
the Securities Exchange Act of 1934, including statements regarding
the continued impacts of the global COVID-19 pandemic, supply chain
constraints, electronic component and labor shortages, inflation,
rising freight and material costs, impacts of Russia’s invasion of
Ukraine including further supply chain disruptions and the
increased risk of cyber-attacks in connection with such invasion,
the company's 2022 financial performance, the company’s business
plans and strategy, the company’s growth strategy, the company’s
capital allocation strategy, the company’s tax planning strategies,
and the performance of the markets in which the company operates.
These forward-looking statements generally are identified by the
words “believe,” “project,” “expect,” “anticipate,” “estimate,”
“forecast,” “outlook,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result” or the negative thereof or
variations thereon or similar expressions generally intended to
identify forward-looking statements. Forward-looking statements may
relate to such matters as projections of revenue, margins,
expenses, tax provisions, earnings, cash flows, benefit
obligations, dividends, share purchases or other financial items;
any statements of the plans, strategies and objectives of
management for future operations, including those relating to any
statements concerning expected development, performance or market
share relating to our products and services; any statements
regarding future economic conditions or our performance; any
statements regarding pending investigations, claims or disputes;
any statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. These statements are
based on the company's currently available information and our
current assumptions, expectations and projections about future
events. They are subject to future events, risks and uncertainties
- many of which are beyond the company’s control - as well as
potentially inaccurate assumptions, that could cause actual results
to differ materially from those in the forward-looking statements.
Further information on these factors and other risks that may
affect the company's business is included in filings it makes with
the Securities and Exchange Commission from time to time, including
its Form 10-K for the year ended Dec. 31, 2021, Form 10-Q for the
quarter ended March 31, 2022, and in its other SEC filings. The
company undertakes no obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20220607006294/en/
Media Contact: Whitney Moorman – Reputation Management
Leader 317-810-3241 Whitney.Moorman@allegion.com Analyst
Contact: Tom Martineau – Vice President, Investor Relations,
and Treasurer 317-810-3759 Tom.Martineau@allegion.com
Allegion (NYSE:ALLE)
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