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S&P: Rexnord unaffected
Standard & Poor's said its ratings and outlook on Rexnord LLC (B/negative) are not immediately affected by the filing of a registration statement by Rexnord Holdings Inc. in connection with a proposed IPO of common stock.
The agency added that the majority of the proceeds from the offering would be used to repay payment-in-kind debt held at the holding company level.
While this would be a favorable development, S&P said that Rexnord would continue to be highly leveraged following the proposed transaction and would continue to have the same controlling owner, Apollo Group.
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