Rexnord may use IPO proceeds to repay PIK toggle notes, 11¾% notes

By Jennifer Chiou

New York, July 18 - Rexnord Holdings, Inc. said it intends to use net proceeds from its proposed $750 million initial public offering of common stock to repay all of its PIK senior toggle notes due 2013 and $30 million of the 11¾% senior subordinated notes due 2016 of RBS Global, Inc., according to an S-1 filing with the Securities and Exchange Commission.

Rexnord added that other proceeds will go towards general corporate purposes.

The company is a Milwaukee-based manufacturer of highly engineered power transmission, aerospace and other precision motion technology products.

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