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RBS Global readies launch of $1.95 billion term loan for Thursday
By Sara Rosenberg
New York, Aug. 7 - RBS Global Inc. (Rexnord) scheduled a call for Thursday to launch a $1.95 billion seven-year first-lien covenant-light term loan, according to a market source.
Credit Suisse Securities (USA) LLC is the left lead on the deal.
The term loan is talked at Libor plus 300 basis points to 325 bps with a 1% Libor floor and an original issue discount of 99, the source said.
Also, the term loan has 101 soft call protection for six months.
Proceeds will be used to refinance existing 8½% senior notes and a term loan.
Commitments are due on Aug. 14, the source added.
Rexnord is a Milwaukee-based multi-platform industrial company.
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