Deal Details
Mandatory Convertible Preferred Stock Offering
Summary
Baird served as co-manager on this offering
About
Rexnord Corporation (“Rexnord” or the “Company”) (NYSE: RXN) recently completed an offering of 8,050,000 depositary shares, each of which represents a 1/20th interest in a share of its 5.75% Series A Mandatory Convertible Preferred Stock, at a price of $50.00 per depositary share. The offering generated gross proceeds of approximately $402.5 million, including the exercise of the underwriters’ over-allotment option. The Company intends to use the net proceeds from this offering to repay a portion of its outstanding term loan and for general corporate purposes.Rexnord is comprised of two strategic platforms, Process & Motion Control and Water Management, with approximately 8,000 employees worldwide. The Process & Motion Control platform designs, manufactures, markets and services specified, highly-engineered mechanical components used within complex systems. The Water Management platform designs, procures, manufactures and markets products that provide and enhance water quality, safety, flow control and conservation. Rexnord is headquartered in Milwaukee, Wisconsin.
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- Date
- December 2016
- Company
- Rexnord Corporation
- Transaction
- M&A
- Sectors
- Industrial
- Target Geography
- North America
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