Milwaukee-based Rexnord Corp. today launched a public offering of 15 million shares of its common stock by certain funds affiliated with Apollo Global Management LLC.
The company in January sold 12 million shares affiliated with Apollo funds and Rexnord chairman George Sherman at $25.75 per share.
Apollo will be the only selling stockholder in this offering, and underwriters will have an option to purchase another 2.2 million shares.
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Rexnord is not issuing shares and will not benefit from the proceeds of the transaction.
