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REX-PT HOLDINGS/REXNORD PROPOSES PUBLIC OFFERING OF COMMON PUBLIC OFFERING AND SENIOR NOTES

 REX-PT HOLDINGS/REXNORD PROPOSES PUBLIC OFFERING OF
 COMMON PUBLIC OFFERING AND SENIOR NOTES
 MILWAUKEE, March 24 /PRNewswire/ -- Rex-PT Holdings Inc. and its wholly owned subsidiary, Rexnord Corporation, announced today that their board of directors has authorized a recapitalization plan designed to increase stockholders' equity, reduce debt and interest expense, and improve the company's operating and financial flexibility.
 The plan includes a proposed offering of common stock and a proposed offering of senior notes. The net proceeds from the offerings, combined with amended revolving credit and term loan facilities would be used to retire certain higher cost existing indebtedness and to redeem shares of the preferred stock that are held by stockholders other than the Fairchild Corporation, the principal stockholder of Rex-PT Holdings Inc.
 It is currently anticipated that no shares of common stock will be offered for the account of selling security holders. Rexnord intends to file registration statements related to the offerings with the Securities and Exchange Commission within the next four weeks. The company has interviewed and selected financial advisers and underwriters to implement the recapitalization. The company has not yet determined the number of shares to be offered or the price per share or the terms of the senior notes.
 James R. Swenson, chairman and chief executive officer of Rexnord, stated: "Rexnord's management team is very encouraged by this plan to increase capital to de-leverage and grow the company. It will enable us to aggressively expand our product development and marketing efforts as well as our investments in machinery and equipment."
 Rexnord Corporation is currently celebrating its 100-year anniversary. Incorporated as Chain Belt Company in 1892, the company was later renamed Rexnord Inc. Rexnord Corporation was formed in August 1988 through the combination of the former Mechanical Power Division of Rexnord Inc. and PT Components Inc.
 Rexnord is a leading worldwide manufacturer and supplier of power transmission components and related products. Rexnord employs approximately 5,100 persons at 18 domestic and 10 international manufacturing locations and at other offices, service centers and warehouses throughout the world.
 The shares of common stock will be offered only pursuant to a prospectus.
 -0- 3/24/92
 /CONTACT: C.R. Roy, 414-643-2249, for Rexnord/ CO: Rex-PT Holdings Inc.; Rexnord Corporation ST: Wisconsin IN: SU: OFR


PS -- NY069 -- 1318 03/24/92 19:12 EST
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Publication:PR Newswire
Date:Mar 24, 1992
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