RBS Global borrows $47.5 million under revolver

By Sara Rosenberg

New York, Nov. 5 - RBS Global Inc. requested to draw $50 million under its revolving credit facility, but only received $47.5 million since Lehman failed to fund its share of the commitment, according to a 10-Q filed with the Securities and Exchange Commission on Wednesday.

The draw was made on Oct. 15.

The company said it borrowed the revolver funds to increase its cash position and to preserve financial flexibility in light of the current uncertainty in the capital and credit markets.

RBS is a Milwaukee, Wis.-based manufacturer of power transmission components, drives, and conveying equipment, including bearings, chains, couplings, and other related products.

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