Rexnord Corporation Completes Offering of $500 Million of 4.875% Senior Notes Due 2025 and Credit Agreement Amendment
December 07 2017 - 4:16PM
Business Wire
Rexnord Corporation (the “Company”) (NYSE: RXN) today announced
the closing of its offering of $500 million aggregate principal
amount of 4.875% senior notes due 2025 (the “notes”).
The notes were issued by the Company’s wholly-owned, indirect
subsidiaries RBS Global, Inc. and Rexnord LLC (the “issuers”) and
guaranteed by the Company and the issuers’ domestic subsidiaries
(subject to certain exceptions). The notes will pay interest
semi-annually at a rate of 4.875% per year, on each June 15
and December 15, commencing on June 15, 2018, and will
mature on December 15, 2025.
The Company used the net proceeds of the offering, together with
available cash, to reduce the aggregate principal amount of
existing term loans outstanding under its credit agreement to $800
million. The Company also entered into an amendment to its credit
agreement to, among other things, extend the maturity on the term
loans to 2024, reduce the interest rate on the term loans, and
extend the maturity on the revolving credit facility to 2023.
The notes have not been and will not be registered under the
Securities Act of 1933, as amended (the “Securities Act”) or any
state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
any of the notes in any jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Cautionary Statement on Forward-Looking Statements:
Information in this release may involve outlook, expectations,
beliefs, plans, intentions, strategies or other statements
regarding the future, which are forward-looking statements. These
forward-looking statements involve risks and uncertainties. All
forward-looking statements included in this release are based upon
information available to Rexnord Corporation as of the date of the
release, and Rexnord Corporation assumes no obligation to update
any such forward-looking statements. The statements in this release
are not guarantees of future performance, and actual results could
differ materially from current expectations. Numerous factors could
cause or contribute to such differences. Please refer to “Risk
Factors” and “Cautionary Notice Regarding Forward-Looking
Statements” in the Company’s Form 10-K for the fiscal
year ended March 31, 2017 as well as the Company’s annual,
quarterly and current reports filed on
Forms 10-K, 10-Q and 8-K from time to time
with the Securities and Exchange Commission for a further
discussion of the factors and risks associated with the business,
which also could affect the proposed transactions.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171207006214/en/
Rexnord CorporationRob McCarthy, Vice President – Investor
RelationsPhone: (414) 223-1615
Rexnord (NYSE:RXN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Rexnord (NYSE:RXN)
Historical Stock Chart
From Apr 2023 to Apr 2024