RBC Bearings issues $500M 4.375% senior notes due 2029 to fund Dodge acquisition

RBC Bearings INC

Issued $500M 4.375% senior notes due 2029; proceeds escrowed pending ABB's Dodge MPT acquisition.
Notes secured by escrow funds until acquisition closes; after, guaranteed on senior unsecured basis by RBC Bearings and subsidiaries.
Special mandatory redemption at 100% if acquisition not completed by Feb 23, 2022.
Issuer may redeem notes on/after Oct 15, 2024 at redemption prices; up to 40% with equity proceeds before Oct 15, 2024 at 104.375%.
Financing complements prior equity offerings (3.45M common + 4.6M mandatory convertible preferred) and expected $1.3B term loan and $500M revolver.

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