Rexnord Corporation
04/20/2021 | Press release | Distributed by Public on 04/20/2021 14:55
Current Report (SEC Filing - 8-K)
rxn-20210416
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of Earliest Event Reported): April 16, 2021
| REXNORD CORPORATION |
| (Exact name of registrant as specified in its charter) |
| Delaware | 001-35475 | 20-5197013 |
| (State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 511 W. Freshwater Way | 53204 | |
| Milwaukee, | Wisconsin | |
| (Address of Principal Executive Offices) | (Zip Code) |
(414) 643-3739
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| Common Stock $.01 par value | RXN | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.02 Termination of a Material Definitive Agreement.
On April 16, 2021, a subsidiary of Rexnord Corporation (the 'Company'), provided notice to Mizuho Bank, Ltd. ('Mizuho') of its election to terminate, effective as of May 17, 2021, the Receivables Funding and Administration Agreement, dated as of September 25, 2020, by and among Rexnord Funding LLC, the financial institutions party thereto as lenders and Mizuho, as a lenders and as administration agent for the lenders (the 'Funding Agreement'), and other documentation related to an accounts receivable securitization facility that Mizuho made available to certain of the Company's subsidiaries. Pursuant to the Funding Agreement, Rexnord Funding LLC previously granted Mizuho a security interest in all of its current and future receivables and related assets in exchange for a credit facility permitting borrowings of up to a maximum aggregate amount of $100.0 million outstanding from time to time.
In connection with the termination of the Funding Agreement, Rexnord Funding LLC will reduce the outstanding principal amount to zero on or prior to May 17, 2021 (the outstanding principal amount was zero as of April 16, 2021), and make all other payments and pay any other fees that are due and payable under the terms of an existing fee letter between the parties, including customary commitment and program fees.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Rexnord Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized this 20th day of April, 2021.
| REXNORD CORPORATION | |
| By: |
/S/ Patricia M. Whaley
|
| Patricia M. Whaley | |
| Vice President, General Counsel and Secretary |
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