03:35 PM EDT, 04/03/2024 (MT Newswires) -- Ingersoll Rand ( IR ) will benefit from lower interest rates as it looks to refinance $1.2 billion in debt to unsecured from secured, following investment-grade ratings last year, the Wall Street Journal reported Wednesday.

Additionally, the company is looking to secure financing for its $2.33 billion acquisition of flexible-materials maker ILC Dover, the news outlet reported, citing the company's Chief Financial Officer Vikram Kini.

Moody's Investors Service assigned a Baa3 rating, while S&P Global and Fitch assigned BBB- to the company last year. Ingersoll Rand ( IR ) converted $1.5 billion of its $2.7 billion total debt from secured to unsecured after Moody's rating, WSJ said.

Unsecured debt is not backed by collateral and investment-grade companies usually benefit from lower interest rates on debt, the publication said, citing Joyce Frost, a partner at Riverside Risk Advisors.

Ingersoll Rand ( IR ) didn't immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 93.54, Change: +0.99, Percent Change: +1.07