Rexnord Corporation (“Rexnord”) (NYSE:RXN) announced today that its wholly-owned subsidiaries, RBS Global, Inc. and Rexnord LLC (together, the “Issuers”), have launched a cash tender offer to purchase any and all of their outstanding $1,145,000,000 aggregate principal amount of 8½% Senior Notes due 2018 (the “Notes”). In connection with the tender offer, the Issuers are also soliciting consents (“Consents”) from holders of the Notes to certain amendments to the indenture governing the Notes to, among other things, eliminate substantially all of the restrictive covenants contained therein.
The Notes and other information relative to the tender offer are set forth in the table below.
Tender OfferConsideration (1)
|8½% Senior Notes due 2018||75524DAN0||$||1,145,000,000||$||1,066.90||$||30.00||$||1,096.90|
|(1)||Per $1,000 principal amount of Notes excluding accrued and unpaid interest thereon, which will be paid in addition to the tender offer consideration or the total consideration, as applicable.|
|(2)||Includes the tender offer consideration and the consent payment.|
Each holder who validly tenders its Notes and delivers its Consents to the proposed amendments prior to 5:00 p.m., New York City time, on Tuesday, August 20, 2013, unless such time is extended by the Issuers (the “Early Tender Time”), will receive, if such Notes are accepted for purchase pursuant to the tender offer, the total consideration of $1,096.90 per $1,000 principal amount of the Notes tendered, which includes $1,066.90 as the tender offer consideration and $30.00 as a consent payment. In addition, accrued interest up to, but not including, the applicable payment date of the Notes will be paid in cash on all validly tendered and accepted Notes.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV