Ingersoll-Rand Announces Separation of Commercial and Residential Security Businesses

The proceeds from the note issuance will be used to fund expenses related to the previously announced separation of Ingersoll-Rand's commercial and residential security businesses. This indicates a corporate divestiture or carve-out is in progress.

“The net proceeds from the offerings of the Notes will be used to fund the redemption of IR Global’s $600 million aggregate principal amount of 6.00% Senior Notes due 2013 and $655 million aggregate principal amount of 9.50% Senior Notes due 2014 and to fund expenses related to the previously announced separation of the commercial and residential security businesses and related transactions, with any remaining proceeds to be used for general corporate purposes.”

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