Summary
Trane Technologies plc (TT) announced the establishment of a new $1 billion senior unsecured revolving credit agreement, effective April 25, 2022, with a maturity date of April 25, 2027. This new facility replaces the company's previous 2018 credit agreement. The proceeds from the new credit facility are designated for general corporate purposes, including working capital, support for commercial paper programs, and other general corporate needs of Trane Technologies and its subsidiaries. A notable feature of the agreement is the inclusion of annual price adjustments tied to the company's performance against specific sustainability targets, namely greenhouse gas intensity reduction and increased representation of women in management positions.
Key Highlights
- 1Trane Technologies entered into a new $1 billion senior unsecured revolving credit agreement on April 25, 2022.
- 2The new credit facility has a term of five years, maturing on April 25, 2027.
- 3The 2022 Revolving Credit Agreement replaces the prior 2018 Revolving Credit Agreement.
- 4Proceeds are intended for working capital, commercial paper programs, and general corporate purposes.
- 5The agreement includes sustainability-linked pricing, with adjustments based on greenhouse gas intensity reduction and gender diversity in management.
- 6The credit facility is guaranteed by several Trane Technologies entities, including the parent company.