Regal Rexnord amends $500M note agreement to permit Altra merger; adjusts covenants
REGAL REXNORD CORP
First Amendment to Note Purchase Agreement for $500M 3.90% senior notes due April 7, 2032.
Permits the proposed merger with Altra Industrial Motion Corp.; modifies financial covenants.
Maximum leverage ratio increases to 4.875x post-merger, stepping down to 3.75x over time; minimum interest coverage ratio dips to 2.75x then returns to 3.00x.
Adds 1.25% per annum fee on notes if non-investment grade and a 2.50% maintenance fee upon merger close; imposes limits on acquisitions and share buybacks.
Bridge Facility commitments reduced dollar-for-dollar by outstanding notes; Company paid 0.05% consent fee to noteholders.
Extracted from this filing and checked against the source text.
Material AgreementsSEC 8-K Item 1.01/1.02confidence 0.9
REGAL REXNORD CORP amended First Amendment with certain holders of the Company's Senior Notes (effective 2022-12-21).
Action
amendment
Agreement
notes offering
Counterparty
certain holders of the Company's Senior Notes
Effective
2022-12-21
Exact text from the filing
On December 21, 2022, Regal Rexnord Corporation (the “Company”) entered into an amendment (the “First Amendment”) with certain holders of the Company’s Senior Notes (as defined below) to the Note Purchase Agreement, dated as of April 7, 2022 (as amended, the “Note Purchase Agreement”) pursuant to which the Company has previously issued $500,000,000 aggregate principal amount of 3.90% senior notes due April 7, 2032 (the “Senior Notes”) to certain institutional accredited investors, in an offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.