Rexnord looking to exchange holdco loans for new notes

By Sara Rosenberg

New York, April 7 - Rexnord Holdings Inc. is offering to exchange senior unsecured holdco term loan debt for new 9½% senior notes due 2014 issued by RBS Global Inc. and Rexnord LLC, according to a news release.

The company said that the reason for the exchange offer is to reduce the outstanding principal amount of debt of Rexnord Holdings.

Credit Suisse is the administrative agent on the holdco loan.

The exchange offer will expire at 5 p.m. ET on April 15.

Surrendered holdco loans will only be accepted in the event that less than all of Rexnord Holdings' PIK toggle senior notes due 2013 would be exchanged for new senior notes upon the consummation of the previously announced exchange offer.

There is a maximum exchange amount of $165 million of new senior notes for both the holdco loans and the old notes.

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

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