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, which are the sole selling stockholders, will sell 15,000,000 shares of Rexnord common stock at a price to the public of $25.50 per share. The Apollo funds have also granted to the underwriters of the common stock offering an option to purchase up to an additional 2,250,000 shares of common stock. Rexnord will not issue any shares in the offering and will not receive any proceeds from the sale of the shares by the selling stockholders in the offering. The offering is expected to close on or about June 3, 2014, subject to certain customary closing conditions.
The offering is being made under Rexnord’s registration statement as filed with the Securities and Exchange Commission. Goldman, Sachs & Co., Credit Suisse, Baird and Deutsche Bank Securities are bookrunners for the offering, BofA Merrill Lynch, Barclays and BMO Capital Markets are also bookrunners and Apollo Global Securities is the co-manager.
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 Goldman, Sachs & Co., Attn: Prospectus Department, 200 West Street, New York, New York 10282, (866) 471-2536, Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, One Madison Avenue, New York, New York 10010-3629, (800) 221-1037, Robert W. Baird & Co. Incorporated, Attn: Syndicate Department, 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202, (800) 792-2473, or Deutsche Bank Securities Inc., Attn: Prospectus Group, 60 Wall Street, New York, New York 10005, (800) 503-4611.