Rexnord sets price talk for $460 million two-part note offering

By Paul A. Harris

St. Louis, Jan. 30 - Rexnord Global Inc. and Rexnord Corp. have set price talk for their $460 million two-part offering of senior notes (expected B3/confirmed CCC+), a market source told Prospect News on Tuesday.

Pricing is expected on Wednesday afternoon.

The Milwaukee-based power train manufacturer talked a $310 million add-on to its 9½% senior notes due Aug. 1, 2014 at 102.50 to 103. The notes become callable on Aug. 1, 2010 at 104.75.

Meanwhile, Rexnord talked a $150 million offering of new 9.5-year senior notes at the 9% area. The new notes come with 4.5 years of call protection.

Credit Suisse, Banc of America Securities LLC and UBS Investment Bank are the bookrunners.

Proceeds will be used to help fund the purchase of Jacuzzi Brands Inc.'s Zurn plumbing products business.

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