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Rexnord launches $725 million term loan at Libor plus 175 bps
By Sara Rosenberg
New York, Nov. 12 – Rexnord LLC was scheduled to hold a lender call at 3 p.m. ET on Tuesday to launch a $725 million covenant-lite first-lien term loan (Ba1/BBB-) due August 2024 that is talked at Libor plus 175 basis points with a 0% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Credit Suisse Securities (USA) LLC is the lead arranger on the deal.
Commitments are due at noon ET on Monday, the source added.
Proceeds will be used to reprice an existing term loan down from Libor plus 200 bps.
Rexnord is a Milwaukee-based multi-platform industrial company.
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