Regal Beloit draws down remaining $255 million under revolver

By Wendy Van Sickle

Columbus, Ohio, April 3 – Regal Beloit Corp. borrowed the remaining $255 million available under its $500 million revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The recent borrowing was a proactive measure to increase the company’s cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 pandemic, Regal Beloit said.

The current weighted average interest rate for the borrowings under the revolver is 2.3%.

Regal Beloit manufactures electric motors, mechanical and electrical motion controls and power generation products and is based in Beloit, Wis.

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