RBS Global, Rexnord enter loan modification, extending maturity date

By Jennifer Chiou

New York, Oct. 25 - Rexnord Corp., LLC and RBS Global, Inc. entered into a loan modification agreement and permitted amendment on Oct. 20 to push back the maturity date of its revolving facility to July 19, 2013 from July 20, 2012, according to an 8-K filed with the Securities and Exchange Commission.

Credit Suisse AG, Cayman Islands Branch was the administrative agent.

The $180 million revolver has pricing of Libor plus 400 basis points on the extended commitments. The loan was previously increased from $150 million, and the Libor margin had been 175 bps.

The filing stated that all other terms of the credit agreement, including pricing on the borrowers' $760.5 million of outstanding borrowings as of Oct. 1 under the term loan facility, remain unchanged.

RBS Global is the parent company of Rexnord, a Milwaukee-based provider of power transmission and water management products.

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