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Rexnord wraps tenders for $15,000 more 8½% notes since early deadline
By Susanna Moon
Chicago, Sept. 5 - Rexnord Corp. said holders tendered $977,962,000 of the outstanding $1,145,000,000 principal amount of 8½% senior notes due 2018 issued by wholly owned subsidiaries RBS Global, Inc. and Rexnord LLC during a tender offer that ended at midnight ET on Sept. 4.
Of the notes, $15,000 were tendered after the early deadline, 5 p.m. ET on Aug. 20, and they were accepted for purchase on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
As reported previously, holders had tendered $977,947,000 of the notes by the early deadline, and the companies accepted those notes for early settlement.
The remaining notes will be redeemed at par plus a premium.
The issuers also solicited consents to amend the notes to eliminate substantially all of the restrictive covenants, events of default and other provisions.
Holders who tendered their notes and delivered their consents by the early tender date received $1,096.90 for each $1,000 principal amount of notes. The total payment included a consent payment of $30.00 per $1,000 of notes.
Those who tendered after the early deadline received $1,066.90 per $1,000 of notes.
The company also paid accrued interest up to but excluding the payment date.
The tender offer was conditioned on the issuers obtaining funding from a new term loan.
Credit Suisse Securities (USA) LLC (800 820-1653 or collect 212 538-2147) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 967-5079 or 212 269-5550 for brokers and banks) is the information agent.
Rexnord is a Milwaukee-based industrial company. It began the offer on Aug. 8.
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