Attached files
file | filename |
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8-K - RBC Bearings INC | v204266_8k.htm |
EX-10.2 - RBC Bearings INC | v204266_ex10-2.htm |
EX-10.3 - RBC Bearings INC | v204266_ex10-3.htm |
EX-10.1 - RBC Bearings INC | v204266_ex10-1.htm |
Press
release
RBC
Bearings Incorporated Announces New $150 Million 5-year Revolving Credit
Facility
Oxford,
CT – November 30, 2010 – RBC Bearings Incorporated (Nasdaq: ROLL), a leading
international manufacturer of highly-engineered precision plain, roller and ball
bearings for the industrial, defense and aerospace industries, today announced
the establishment of a new $150 million 5-year senior secured revolving credit
facility. The new facility replaces the existing facility which would have
expired in June 2011.
Terms of
the facility include a $150 million revolver with an accordion option to borrow
an additional $100 million under certain circumstances and with additional
commitments from lenders. The facility pricing is grid based, with an
initial interest rate for borrowings under the facility of LIBOR plus 150 basis
points. The new credit facility will be used to fund working capital and
potential acquisitions.
“The
successful syndication of this bank facility is a vote of confidence from our
bank group in our operations and our growth prospects,” said Dr. Michael J.
Hartnett, Chairman, President and Chief Executive Officer. “We are pleased with
the favorable terms of our new credit agreement which further strengthens the
financial health of our business. Our improved liquidity affords us
ample financial flexibility to execute against our plan for sustained long-term
growth.”
The new
facility was brought to market by Co-Lead Arrangers JPMorgan and KeyBanc Capital
Markets. Other lenders are Bank of America, Wells Fargo, RBS
Citizens, and Fifth Third. For further information, please see the
Company’s most recent filings with the Securities and Exchange
Commission.
About RBC
Bearings
RBC
Bearings Incorporated is an international manufacturer and marketer of highly
engineered precision bearings and components. Founded in 1919, the
Company is primarily focused on producing highly technical or regulated bearing
products requiring sophisticated design, testing, and manufacturing capabilities
for the diversified industrial, aerospace and defense
markets. Headquartered in Oxford, Connecticut, RBC Bearings currently
employs approximately 1,874 people in 23 manufacturing facilities located
throughout North America and Europe.
Safe Harbor for Forward
Looking Statements
Certain
statements in this press release contain “forward-looking
statements.” All statements other than statements of historical fact
are “forward-looking statements” for purposes of federal and state securities
laws, including any projections of earnings, revenue or other financial items,
any statement of the plans, strategies and objectives of management for future
operations; any statements concerning liquidity or future financial flexibility;
any statements of belief; characterization of the Company’s ability to control
contingent liabilities; any anticipated trends in the Company’s businesses; and
any statements of assumptions underlying any of the
foregoing. Forward-looking statements may include the words “may”,
“estimate”, “intend”, “continue”, “believe”, “expect”, “anticipate” and other
similar words. Although the Company believes that the expectations
reflected in any forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our forward-looking
statements. Our future financial condition and results of operations,
as well as any forward-looking statements, are subject to change and to inherent
risks and uncertainties beyond the control of the Company. These
risks and uncertainties include, but are not limited to, risks and uncertainties
relating to general economic conditions, geopolitical factors, future levels of
general industrial manufacturing activity, future financial performance, market
acceptance of new or enhanced versions of the Company’s products, the pricing of
raw materials, changes in the competitive environments in which the Company’s
businesses operate, the outcome of pending or future litigation and governmental
proceedings and approvals, estimated legal costs, increases in interest rates,
the Company’s ability to meet its debt obligations, and risks and uncertainties
listed or disclosed in the Company’s reports filed with the Securities and
Exchange Commission, including, without limitation, the risks identified under
the heading “Risk Factors” set forth in the Company’s Annual Report on Form 10K.
The Company does not intend, and undertakes no obligation, to update or alter
any forward-looking statement.
Contacts
RBC
Bearings
Daniel A.
Bergeron
203-267-5028
dbergeron@rbcbearings.com
FD
Michael
Cummings
617-747-1796
investors@rbcbearings.com