Rexnord Corporation (“Rexnord”) (NYSE:RXN) announced today the pricing of the previously announced public offering of its common stock held by certain funds affiliated with Apollo Global Management, LLC (collectively with its subsidiaries, “Apollo”) (NYSE:APO). Pursuant to the terms of the offering, the Apollo funds, the sole selling stockholder, will sell 6,500,000 shares of Rexnord common stock at a price to the public of $16.00 per share, and they have also granted to the underwriters of the common stock offering an option to purchase up to an additional 975,000 shares of common stock. Rexnord will not issue shares in the offering and will not receive any proceeds from the sale of the shares by the selling stockholder in this offering. The offering is expected to be consummated on or about June 26, 2013, subject to certain customary closing conditions.
The offering is being made under Rexnord’s registration statement on Form S-3 filed with the Securities and Exchange Commission. Deutsche Bank Securities Inc. and Goldman, Sachs & Co. are bookrunners for the offering, BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are also bookrunners and Robert W. Baird & Co. Incorporated, BMO Capital Markets Corp., Janney Montgomery Scott LLC and Apollo Global Securities are co-managers.
This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor does it constitute an offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, New York 10005, (800) 503-4611 or Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, New York 10282, (866) 471-2526.