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Rexnord to launch roughly $1.95 billion term loan on Monday
By Sara Rosenberg
New York, Feb. 28 - Rexnord LLC is set to hold a call at 1 p.m. ET on Monday to launch a roughly $1.95 billion first-lien covenant-light term loan due August 2020, according to a market source.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Proceeds will be used to reprice an existing term loan from Libor plus 300 basis points with a 1% Libor floor.
Commitments are due on March 7, the source said.
Rexnord is a Milwaukee-based industrial company comprising two strategic platforms: process & motion control and water management.
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