Regal Rexnord Corp - RRX STOCK NEWS

Regal Rexnord Corporation (NYSE: RRX) has announced an extension of its cash tender offer and consent solicitation for its 6.125% Senior Notes due 2026. The expiration date is now set for March 20, 2023, following an initial date of March 13, 2023. As of the latest update, holders have tendered approximately $361.1 million of the $383.7 million total outstanding notes, representing about 94.12% of the total amount. The tender offer is contingent on the successful completion of a merger involving Regal Rexnord's subsidiary, Aspen Sub, Inc., and Altra Industrial Motion Corp. Interest will also be paid in addition to the tender consideration.

Regal Rexnord Corporation (NYSE: RRX) announced the successful completion of its cash tender offer and consent solicitation for the 6.125% Senior Notes due 2026, with tenders totaling $361,122,000, representing approximately 94.12% of the total outstanding principal. The company received the necessary consents for amendments to the indenture, eliminating restrictive covenants related to a merger with Altra Industrial Motion Corp. This completion is a step toward the proposed merger, and payment for the tendered Notes is contingent on certain conditions being met. The Tender Offer's terms will remain in effect and may be amended further.

Regal Rexnord Corporation (NYSE: RRX) announced a cash tender offer to purchase all outstanding 6.125% Senior Notes due 2026 from Stevens Holding Company, a subsidiary of Altra Industrial Motion Corp. The Tender Offer expires on March 13, 2023, unless extended. Holders of validly tendered notes by February 24, 2023 will receive $1,017.50 per $1,000.00 face value, including a $50.00 early participation premium. Additionally, a Change of Control Offer has been initiated, contingent on the merger with Altra. Notably, completion of these offers depends on receiving requisite consents and the merger's consummation.

Regal Rexnord Corporation (NYSE: RRX) reported strong fourth quarter results, with sales up 2% year-over-year and an impressive 4% organic growth. The company announced a transformational acquisition of Altra Industrial Motion Corp., alongside a strategic review of its motors and generators segment. GAAP net income increased significantly to $102.7 million, with adjusted diluted EPS rising to $2.64 from $2.16 in the previous year. For 2023, RRX anticipates GAAP diluted EPS in the range of $5.64 to $6.44. The company achieved a 165% free cash flow conversion and raised its adjusted EBITDA margin by 310 basis points.

Regal Rexnord Corporation (NYSE: RRX) has successfully completed a $4.7 billion senior unsecured notes offering, issuing various notes with rates from 6.05% to 6.40% maturing between 2026 and 2033. The proceeds will fund its merger with Altra Industrial Motion Corp., repay existing Senior Notes due 2032, and address Altra's debts. CEO Louis Pinkham noted the oversubscription of the offering as a strong endorsement of their investment strategy. The merger aims to enhance Regal Rexnord's growth and cash generation capabilities. This acquisition follows a prior agreement announced in October 2022.

On January 23, 2023, Regal Rexnord Corporation (NYSE: RRX) declared a $0.35 quarterly dividend, payable on April 14, 2023, to shareholders of record by March 31, 2023. This marks a continuous dividend payment since January 1961. Regal Rexnord, a leader in industrial powertrain solutions and energy-efficient technologies, operates across four segments: Motion Control Solutions, Climate Solutions, Commercial Systems, and Industrial Systems. Headquartered in Beloit, Wisconsin, the company focuses on sustainable practices that benefit both customers and the environment.

Regal Rexnord Corporation (NYSE: RRX) will announce its fourth quarter 2022 financial results on February 1, 2023, after market close. A conference call to discuss these earnings will take place on February 2, 2023, at 9:00 am CT (10:00 am ET). Investors can access the call via the Investor website or by phone. A replay of the call will be available for three months. Regal Rexnord specializes in industrial powertrain solutions and is committed to producing energy-efficient products. The company operates across four segments: Motion Control Solutions, Climate Solutions, Commercial Systems, and Industrial Systems.

On January 9, 2023, Regal Rexnord Corporation (NYSE: RRX) announced the pricing of a $4.7 billion senior unsecured notes offering to fund its planned acquisition of Altra Industrial Motion Corp. The offering comprises four tranches of senior notes with varying due dates and interest rates. The proceeds will also be used to repay existing debts. The transaction is part of Regal's strategy to enhance its market position, although it holds significant risks related to the merger and ongoing business operations.

Regal Rexnord Corporation (NYSE: RRX) announced a private placement of senior unsecured notes to qualified institutional buyers as part of its strategy to finance its acquisition of Altra Industrial Motion Corp. The proceeds will be used to fund the merger, repay Altra's debts, and cover related expenses. The notes offering is not contingent on the merger's completion, which may occur afterward. The company emphasizes its commitment to energy-efficient industrial solutions, while cautioning against risks related to the merger and financial obligations, including significant debt incurred from the acquisition.