REXNORD CORPORATION (NYSE:RXN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
(RBS), Rexnord LLC (together with RBS, the Borrowers) and certain
other domestic subsidiaries of Rexnord Corporation (Rexnord)
entered into an Incremental Assumption Agreement (the Incremental
Assumption Agreement) with Credit Suisse AG, as administrative
agent, and with Credit Suisse AG, Cayman Islands Branch, as the
refinancing term lender, relating to the Third Amended and
Restated First Lien Credit Agreement, dated as of August 21,
2013, among Chase Acquisition I, Inc., the Borrowers, the lenders
from time to time party thereto and Credit Suisse AG, as
administrative agent (the Existing Agreement).
in the aggregate principal amount of approximately $1.6 billion
(the Term Refinancing Loan). The proceeds of the Term Refinancing
Loan were used to repay in full the aggregate principal amount of
existing term loans outstanding under the Existing Agreement. As
part of the Incremental Assumption Agreement, the parties amended
the Existing Agreement to make certain other modifications
thereto related to the Term Refinancing Loan, including to
introduce standard terms required by EU Bail-In legislation.
The borrowings under the Term Refinancing Loan bear interest at
either the London Interbank Offered Rate or LIBOR (subject to a
1% floor) plus an applicable margin of 2.75% (which was reduced
from 3.0%) or at an alternative base rate plus an applicable
margin of 1.75% (which remained unchanged). The maturity date and
interest rate with respect to the existing $265 million revolving
credit facility under the Existing Agreement are unchanged by the
Incremental Assumption Agreement.
qualified in its entirety by reference to the copy of the
Incremental Assumption Agreement that is attached hereto as
Exhibit 10.1 and incorporated herein by reference.
by reference into this Item 2.03.
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Exhibit No.
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Description
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10.1
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Incremental Assumption Agreement, dated as of December
16, 2016, among Chase Acquisition I, Inc., RBS Global, Inc., Rexnord LLC, certain domestic subsidiaries of Rexnord LLC, Credit Suisse AG, Cayman Islands Branch and Credit Suisse AG, as administrative agent. |
About REXNORD CORPORATION (NYSE:RXN)
Rexnord Corporation is a multi-platform industrial company. The Company operates through two segments: Process & Motion Control platform, and Water Management platform. The Process & Motion Control platform designs, manufactures, markets and services a range of engineered mechanical components used within systems. The Process & Motion Control portfolio includes motion control products, shaft management products, aerospace components and related value-added services. Its Process & Motion Control brands include Rexnord, Rex, Euroflex, Falk, FlatTop, Link-Belt, Thomas and Tollok. The Water Management platform designs, procures and markets products that provide and enhance water quality, safety, flow control and conservation. The Water Management product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing and site works products. Its products are marketed and sold under various brand names, including Zurn, Wilkins and VAG. REXNORD CORPORATION (NYSE:RXN) Recent Trading Information
REXNORD CORPORATION (NYSE:RXN) closed its last trading session up +0.39 at 20.07 with 1,125,487 shares trading hands.
