Issuer:
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Ingersoll Rand Inc.
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Principal Amount:
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2027 Notes: $700,000,000
2029 Notes: $750,000,000
2031 Notes: $500,000,000
2034 Notes: $750,000,000
2054 Notes: $600,000,000
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Offering Format:
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SEC-Registered
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Maturity Date:
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2027 Notes: June 15, 2027
2029 Notes: June 15, 2029
2031 Notes: June 15, 2031
2034 Notes: June 15, 2034
2054 Notes: June 15, 2054
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Coupon (Interest Rate):
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2027 Notes: 5.197%
2029 Notes: 5.176%
2031 Notes: 5.314%
2034 Notes: 5.450%
2054 Notes: 5.700%
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Yield to Maturity:
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2027 Notes: 5.197%
2029 Notes: 5.176%
2031 Notes: 5.314%
2034 Notes: 5.457%
2054 Notes: 5.728%
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Spread to Benchmark Treasury:
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2027 Notes: +55 bps
2029 Notes: +70 bps
2031 Notes: +85 bps
2034 Notes: +100 bps
2054 Notes: +113 bps
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Benchmark Treasury:
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2027 Notes: 4.500% due April 15, 2027
2029 Notes: 4.625% due April 30, 2029
2031 Notes: 4.625% due April 30, 2031
2034 Notes: 4.000% due February 15, 2034
2054 Notes: 4.750% due November 15, 2053
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Benchmark Treasury Yield:
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2027 Notes: 4.647%
2029 Notes: 4.476%
2031 Notes: 4.464%
2034 Notes: 4.457%
2054 Notes: 4.598%
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Price to Public:
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2027 Notes: 99.992% of the principal amount
2029 Notes: 99.993% of the principal amount
2031 Notes: 99.992% of the principal amount
2034 Notes: 99.938% of the principal amount
2054 Notes: 99.591% of the principal amount
In each case, plus accrued interest, if any, from May 10, 2024
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Interest Payment Dates:
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Semi-annually on June 15 and December 15, commencing December 15, 2024
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Interest Record Dates:
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June 1 and December 1
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Par Call Date:
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2027 Notes: May 15, 2027 (the date that is one month prior to the maturity date of the 2027 Notes)
2029 Notes: May 15, 2029 (the date that is one month prior to the maturity date of the 2029 Notes)
2031 Notes: April 15, 2031 (the date that is two months prior to the maturity date of the 2031 Notes)
2034 Notes: March 15, 2034 (the date that is three months prior to the maturity date of the 2034 Notes)
2054 Notes: December 15, 2053 (the date that is six months prior to the maturity date of the 2054 Notes)
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Special Mandatory Redemption:
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The 2027 Notes, the 2029 Notes and the 2031 Notes are subject to special mandatory redemption as described in the preliminary prospectus supplement. The 2034 Notes and the 2054 Notes will not be subject to the special mandatory redemption.
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Optional Redemption:
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Prior to the applicable Par Call Date, the Issuer may redeem the Notes of a series at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to
three decimal places) equal to the greater of:
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(1)
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(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes of such series matured on the applicable Par Call Date) on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus (i) 10 basis points in the case of the 2027 Notes, (ii) 15 basis points in the case of the 2029 Notes, (iii) 15
basis points in the case of the 2031 Notes, (iv) 15 basis points in the case of the 2034 Notes, (v) 20 basis points in the case of the 2054 Notes less (b) interest accrued thereon to the date of
redemption, and
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(2)
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100% of the principal amount of the Notes to be redeemed,
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plus, in either case, accrued and unpaid interest thereon to, but not including, the redemption date.
On or after the applicable Par Call Date, the Issuer may redeem the Notes of a series at its option, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes being
redeemed plus accrued and unpaid interest thereon to, but not including, the redemption date.
See the Preliminary Prospectus Supplement for the definition of “Treasury Rate” and for further terms and provisions applicable to optional redemption.
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Change of Control Offer:
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If a Change of Control Triggering Event (as defined in the Preliminary Prospectus Supplement) occurs with respect to a series of Notes, the Issuer will be required, subject to certain conditions, to offer to repurchase the Notes of such
series at a purchase price equal to 101% of their principal amount (or such higher amount as the Issuer may determine), plus accrued and unpaid interest to the date of repurchase.
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Trade Date:
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May 7, 2024
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Settlement Date*:
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May 10, 2024 (T+3)
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CUSIP / ISIN:
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2027 Notes: 45687V AC0 / US45687VAC00
2029 Notes: 45687V AD8 / US45687VAD82
2031 Notes: 45687V AE6 / US45687VAE65
2034 Notes: 45687V AF3 / US45687VAF31
2054 Notes: 45687V AG1 / US45687VAG14
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Joint Book-Running Managers:
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BofA Securities, Inc.
Citigroup Global Markets Inc.
Goldman Sachs & Co. LLC
J.P. Morgan Securities LLC
Mizuho Securities USA LLC
Deutsche Bank Securities Inc.
BNP Paribas Securities Corp.
HSBC Securities (USA) Inc.
Standard Chartered Bank
TD Securities (USA) LLC
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Senior Co-Managers:
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PNC Capital Markets LLC
Barclays Capital Inc.
ING Financial Markets LLC
RBC Capital Markets, LLC
U.S. Bancorp Investments, Inc.
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Expected Ratings**:
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Moody’s: Baa2 (Stable)
S&P: BBB (Stable)
Fitch: BBB (Positive)
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