Rexnord Corporation (NYSE:RXN) today announced the pricing of its previously announced underwritten public offering of 7,000,000 depositary shares, each of which represents a 1/20th interest in a share of its 5.75% Series A Mandatory Convertible Preferred Stock ("Mandatory Convertible Preferred Stock"). The underwriters of the offering have an option to buy up to 1,050,000 additional depositary shares to cover over-allotments. The offering price is $50.00 per depositary share. The offering is expected to close on December 7, 2016, subject to customary closing conditions. Holders of the depositary shares will be entitled to a proportional fractional interest in the rights and preferences of the Mandatory Convertible Preferred Stock, including conversion, dividend, liquidation and voting rights, subject to the provisions of a deposit agreement with the depositary. Dividends on the Mandatory Convertible Preferred Stock will be payable on a cumulative basis when, as and if declared by Rexnord's board of directors, or an authorized committee of the board of directors, at an annual rate of 5.75% on the liquidation preference of $1,000 per share ($50 per depositary share). Rexnord may pay declared dividends in cash or, subject to certain limitations, in shares of its common stock or in any combination of cash and common stock on February 15, May 15, August 15 and November 15 of each year, commencing on February 15, 2017 and ending on, and including, November 15, 2019. Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically convert on or around November 15, 2019 into between 47.6420 and 39.7020 shares of Rexnord's common stock (and between 2.3821 and 1.9851 shares of common stock per depositary share), subject to anti-dilution adjustments. The number of shares of Rexnord's common stock issuable on mandatory conversion will be determined based on the average volume-weighted average price of Rexnord's common stock over the 20 trading day period beginning on, and including, the 22nd scheduled trading day prior to November 15, 2019.