RBS Global sets spread on $1.95 billion loan at Libor plus 300 bps

By Sara Rosenberg

New York, Aug. 15 - RBS Global Inc. (Rexnord) firmed pricing on its $1.95 billion seven-year first-lien covenant-light term loan (B2/B+) at Libor plus 300 basis points, the tight end of the Libor plus 300 bps to 325 bps talk, according to a market source.

The loan still has a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Recommitments were due at noon ET on Thursday, the source said.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Bank of America Merrill Lynch, BMO Capital Markets, Barclays, SMBC and Mizuho Securities USA Inc. are the lead banks on the deal.

Proceeds will be used to refinance existing 8½% senior notes and a term loan.

RBS is a Milwaukee-based multi-platform industrial company.

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