West Milwaukee-based Rexnord Corp. announced the pricing of its previously announced public offering of its common stock held by certain funds affiliated with Apollo Global Management LLC.
The Apollo funds, the sole selling stockholder, will sell 6.5 million of Rexnord common stock to the public for $16 a share. Apollo has 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.