Baldor secures financing for acquisition
Baldor Electric Company has signed a definitive agreement to acquire the Reliance Electric Company and Dodge mechanical power transmission businesses of Rockwell Automation.
The company secured parts of its financing to acquire the power systems segment of the Milwaukee-based company through loans and stock offerings, according to a January filing with the US Securities and Exchange Commission.
Through a seven-year loan arrangement using its assets as collateral, Baldor has borrowed $1bn to finance the acquisition and pay related fees and expenses, amounting to $12.9m.
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