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Rexnord removes $1.95 billion term loan repricing from market
By Sara Rosenberg
New York, March 10 - Rexnord LLC pulled the repricing of its $1.95 billion first-lien covenant-light term loan due August 2020 from the primary market due to push back from investors who felt the deal was priced too tight, according to a market source.
The repricing was talked at Libor plus 300 basis points with a 0.75% Libor floor, a par offer price and 101 soft call protection for one year.
Last week, the spread on the loan was increased from Libor plus 275 bps and the call protection was extended from six months.
The repricing would have taken the term loan pricing down from the current level of Libor plus 300 bps with a step-down based on leverage and a 1% Libor floor.
Credit Suisse Securities (USA) LLC was the lead bank on the deal.
Rexnord is a Milwaukee-based industrial company comprising two strategic platforms: process & motion control and water management.
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