MILWAUKEE--(BUSINESS WIRE)--Dec. 7, 2017--
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/
Source: Rexnord Corporation
Rexnord Corporation
Rob McCarthy, Vice President – Investor
Relations
Phone: (414) 223-1615