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Ingersoll Pays Down Debt

Companys plan runs counter to current trend of favoring shareholders.

By Mary Childs and Lisa Abramowicz, Bloomberg | Updated on April 26, 2012

At a time when companies are increasingly favoring shareholders, Ingersoll-Rand Plc is keeping bondholders happy by cutting $1 billion of its $3.6 billion of debt.

The maker of security systems and Trane air conditioners, rated Baa1 by Moody’s Investors Service and BBB+ at Standard & Poor’s, retired $345 million of notes this month and plans to repay $600 million of debt due in 2013. That would trim leverage to a level qualifying Swords, Ireland-based Ingersoll-Rand for A ratings, according to debt researcher CreditSights Inc.

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