Trane Technologies prepares dollar-denominated notes offering

By Cristal Cody

Chicago, Feb. 16 – Trane Technologies Financing Ltd. is preparing to offer fixed-rate dollar-denominated senior notes (BBB), according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be callable with a make-whole premium until a number of months before the maturity date when there will be a par call option.

Any change of control will trigger a put at 101.

The notes will be guaranteed by Trane Technologies plc, Trane Technologies Global Holding Co. Ltd., Trane Technologies Lux International Holding Co. Sarl, Trane Technologies Irish Holdings Unltd. Co., Trane Technologies Co. LLC and Trane Technologies HoldCo Inc.

BofA Securities, Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are leading the sale. BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Mizuho Securities USA LLC are also joint bookrunners.

The issuer held fixed-income investor calls for the deal on Tuesday, according to a market source.

Computershare Trust Co., NA will be the trustee.

For legal matters, King & Spalding LLP, Arthur Cox LLP and Loyens & Loeff Luxembourg Sarl are advising the issuer. Davis Polk & Wardwell LLP is working for the underwriters.

Proceeds will be used to redeem the 4.25% senior notes due 2023 with any remaining proceeds slated for general corporate purposes.

The industrial manufacturing company is based in Swords, Ireland. The company was spun off from Ingersoll-Rand in February 2020.

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