01—Abstract
Summary
Summary of the 8-K filed August 16, 2024. Cited figures are marked; the original filing is the authoritative source.
On August 13, 2024, Ingersoll Rand Inc. established a commercial paper program under which it may issue short-term, unsecured commercial paper notes.
The aggregate face or principal amount of notes outstanding at any time may not exceed $2.6 billiona, and amounts may be borrowed, repaid, and re-borrowed. The filing states that no notes are currently outstanding under the program. The notes will have maturities of up to 397 days and will rank at least pari passu with the company's other unsecured and unsubordinated indebtedness.
The company says the program is intended to provide additional financing flexibility for various purposes, including acquisitions, and that it remains committed to its investment grade credit rating. One or more commercial paper dealers will act as dealers under separate dealer agreements. The notes are offered under the Section 4(a)(2) exemption and have not been registered under the Securities Act or state securities laws.
The filing is a Regulation FD disclosure under Item 7.01. The information is furnished rather than filed for Exchange Act Section 18 purposes, and it is not an offer to sell or a solicitation to buy any notes. The filing also includes standard forward-looking statement cautions, referring readers to risk factors in the company's most recent Form 10-K.
02—Key points
Key Highlights
- Ingersoll Rand established a commercial paper program on August 13, 2024.
- The aggregate face or principal amount of notes outstanding under the program may not exceed $2.6 billion at any time.
- Notes will have maturities of up to 397 days from the date of issue.
- Notes will rank at least pari passu with the company's other unsecured and unsubordinated indebtedness.
- No notes are outstanding under the program as of the filing.
- The company intends the program to provide additional financing flexibility, including for acquisitions, and remains committed to its investment grade credit rating.
- The notes are unregistered and offered under the Section 4(a)(2) exemption, so they may not be offered or sold in the United States without registration or an applicable exemption.
03—Questions
Frequently Asked Questions
How large can Ingersoll Rand's commercial paper program be?
The aggregate face or principal amount of notes outstanding under the program at any time may not exceed $2.6 billion. Amounts may be borrowed, repaid, and re-borrowed from time to time.
Does Ingersoll Rand have commercial paper notes outstanding now?
The filing states that no notes are currently outstanding under the program.
What is the purpose of the commercial paper program?
The company intends the program to provide additional financing flexibility for various purposes, including acquisitions, while remaining committed to its investment grade credit rating.
What are the terms of the notes?
The notes are short-term and unsecured, with maturities of up to 397 days from the date of issue. They will rank at least pari passu with the company's other unsecured and unsubordinated indebtedness.
Are the notes registered for public sale?
No. The notes have not been and will not be registered under the Securities Act or state securities laws. They may not be offered or sold in the United States absent registration or an applicable exemption.
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