Davis Polk advised Credit Suisse AG as administrative agent and Credit Suisse Securities (USA) LLC as joint lead arranger and joint bookrunner in connection with Rexnord LLC’s and RBS Global, Inc.’s (“Rexnord”) $1.95 billion incremental term loan facility, which was issued pursuant to Rexnord’s existing senior secured credit agreement, and the amendment of certain provisions in the existing credit agreement. Davis Polk also advised Credit Suisse Securities (USA) LLC as dealer manager and solicitation agent in connection with Rexnord’s cash tender offer for its outstanding 8.5% senior notes due 2018 and related consent solicitation. 

Rexnord will use the proceeds of the incremental term loan facility, together with cash on hand, to fund the tender offer, repay outstanding term loans under the existing credit agreement, and pay transaction expenses.

Based in Milwaukee, Wisconsin, Rexnord is a leading, diversified multi-platform industrial company comprised of two key platforms – power transmission and water management. Rexnord is a portfolio company of Apollo Global Management, LLC, which had nearly $114 billion in total assets under management as of March 31, 2013.

The Davis Polk credit team included partner Jason Kyrwood and associates Darren Mahone and Kyle D. Bady. The capital markets team included partner Michael Kaplan, counsel Jeff Ramsay and associate Zhimin Lin. Partner Sam Dimon, counsel Gregory T. Hannibal and associates Juelle Gomes and Rachel Lerner provided tax advice. Associate Steve Sorkin provided real estate advice. Katherine S. Stewart was the legal assistant on the transaction. Members of the Davis Polk team are based in the New York and Menlo Park offices.