RBC Bearings to use stock offering to prepay part of term loan

By Ted A. Knutson

Washington, March 16 - RBC Bearings Inc. said it will use proceeds from a new 1.05 million share stock offering to repay balances on its term loan. Selling shareholders are selling 6 million shares.

There is an over-allotment option for up to 1.06 million shares from the company.

Company proceeds from the offering are estimated at $18.5 million to $38.3 million. The outstanding balance on the term loan was $147.6 million as of Dec. 31.

Merrill Lynch is the bookrunner, KeyBanc Capital Markets is the co-lead manager and R.W. Baird & Co. is involved as an underwriter.

RBC is an Oxford, Conn.-based bearings maker.

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