Milwaukee-based Rexnord Corp. recently announced the launch of a public offering of 14,729,045 shares of its common stock held by certain funds affiliated with Apollo Global Management LLC headquartered in New York City.
The only selling stockholders, the Apollo funds are offering to sell all the shares of Rexnord they currently own. Rexnord will not issue shares in the offering and will not receive any proceeds from the sale of the shares by the Apollo funds in this offering.
Credit Suisse, which is acting as the sole underwriter for the offering, proposes to offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at prevailing market prices, at prices related to prevailing market prices or at negotiated prices.
Rexnord has filed a registration statement with the Securities and Exchange Commission for the offering.