Ingersoll Rand Inc. announced that the company has successfully completed a series of transactions issuing Senior Unsecured Bonds and putting in place a new Senior Unsecured Revolving Credit Facility. The company raised $3,276 million in net proceeds from the bond offering, of which $1,236 million was used to repay the term loans under the existing senior secured credit facility in full as part of its replacement as described below, $2,000 million will be used to partially fund the cash consideration for the previously announced ILC Dover acquisition, and the remainder of the net proceeds will be used for general corporate purposes. The offering was split across 5 tranches (3-year, 5-year, 7-year, 10-year, and 30-year) and extends the weighted average maturity of the debt portfolio.

The Company also put in place a new $2,600 million Senior Unsecured Revolving Credit Facility with a five-year maturity. On May 6, 2024, Ingersoll Rand was upgraded one notch by all three rating agencies. The new ratings are BBB/BBB/Baa2 from S&P, Fitch, and Moody?s, respectively.

The upgrade is in recognition of the consistent operating performance and restructuring of the capital structure to fully unsecured.