Rexnord amends and restates loan, permitting sale of secured notes

By Sara Rosenberg

New York, Oct. 6 - Rexnord LLC amended and restated its credit facility, allowing for the issuance of secured notes and for the extension of term loan or revolver commitments, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Proceeds from the notes must be used to repay term loans at par.

The company is also allowed to issue additional secured notes under the credit facility's accordion feature.

Also, the amendment allows the company to pay increased pricing on any extended bank debt.

Credit Suisse is the administrative agent on the deal.

The amendment and restatement was completed on Oct. 5.

Rexnord is a Milwaukee-based industrial company comprised of two key platforms, power transmission and water management.

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