Rexnord talks $939 million term loan repricing at Libor plus 275 bps

By Sara Rosenberg

New York, April 15 - Rexnord LLC launched without a call on Monday a repricing of its $939 million first-lien covenant-light term loan (Ba2/BB) due April 2018 with price talk of Libor plus 275 basis points with a 1% Libor floor and a par offer price, according to a market source.

The repriced loan has 101 repricing protection for six months, the source said.

Credit Suisse Securities (USA) LLC is leading the deal.

With this transaction, the company is taking term loan pricing down from Libor plus 350 bps while leaving the 1% floor intact.

Commitments are due at the close of business on Thursday, the source added.

Rexnord is a Milwaukee-based industrial company comprising two strategic platforms: process & motion control and water management.

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