RBC Bearings completes acquisition of ABB's Dodge mechanical power transmission division

RBC Bearings INC

Acquired ABB's mechanical power transmission division (Dodge brand) on Nov 1, 2021 for an undisclosed cash purchase price.
Funded acquisition with $1.3B term loan and $500M revolver from new Wells Fargo-led credit agreement maturing Nov 2, 2026.
Also issued $500M 4.375% senior notes due 2029 and completed equity offerings (common and mandatory convertible preferred).
Terminated existing credit agreement with no early termination penalties; new facility has 5.50x max leverage and 2.00x min interest coverage covenants.
Proceeds used for acquisition, fees, expenses, and general corporate purposes; quarterly amortization of term loan begins March 31, 2022.

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