MILWAUKEE--(EON: Enhanced Online News)--Rexnord Corporation (NYSE:RXN) (“Rexnord”) announced today that its wholly-owned subsidiaries, RBS Global, Inc. and Rexnord LLC, will seek to refinance their senior secured term facilities with a new 7-year term loan in an aggregate amount of approximately $1.6 billion. The proposed refinancing of the senior secured credit facilities and related transactions are subject to customary conditions, market conditions, future negotiations and other factors, and there can be no assurance that a transaction will occur as described or at all.
Headquartered in Milwaukee, Wisconsin, Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 8,000 employees worldwide. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation.
Information in this release may involve outlook, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Rexnord Corporation as of the date of the release, and Rexnord Corporation assumes no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors could cause or contribute to such differences. Please refer to “Risk Factors” and “Cautionary Notice Regarding Forward-Looking Statements” in the Company’s Form 10-K for the fiscal year ended March 31, 2016 as well as the Company’s annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the SEC for a further discussion of the factors and risks associated with the business. Except as may otherwise be required, Rexnord does not intend to provide updated information relating to the proposed transaction unless and until definitive arrangements are made.