Trane Technologies closes $1 billion five-year revolving facility

By Wendy Van Sickle

Columbus, Ohio, April 28 – Trane Technologies Holdco Inc., Trane Technologies Global Holding Co. Ltd. and Trane Technologies Financing Ltd. as borrowers entered into a new five-year $1 billion senior unsecured revolving credit agreement on April 25, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The maturity date is April 25, 2027.

Borrowings will bear interest at SOFR, Euribor or Sonia plus a margin ranging from 100 basis points to 150 bps, and the commitment fee ranges from 9 bps to 25 bps, both depending on ratings. Pricing may be adjusted based on some sustainability metrics.

JPMorgan Chase Bank, NA, Citibank, NA, BofA Securities, Inc., BNP Securities Corp. and Mizuho Bank, Ltd. are the joint lead arrangers and joint bookrunners.

JPMorgan is administrative agent; Citibank is syndication agent, J.P. Morgan Securities LLC and BNP Paribas are sustainability structuring agents; and Bank of America, NA, BNP Paribas, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, MUFG Bank, Ltd. and U.S. Bank, NA are documentation agents.

Proceeds may be used for working capital, to support commercial paper programs of any of the borrowers and for other general corporate purposes.

The new credit agreement replaces a credit agreement dated April 17, 2018.

The new agreement is guaranteed by Trane Technologies plc, Trane Technologies Lux International Holding Co. Sarl, Trane Technologies Irish Holdings Unltd. Co. and Trane Technologies Co. LLC.

The industrial manufacturing company is based in Swords, Ireland.

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