Apollo Global to sell 11M of its Rexnord shares through public offering

June 17, 2013 — 8:25am

MILWAUKEE — Rexnord Corp. said Monday that its largest shareholder plans to sell 11 million of its shares through a public offering.

The shares are being sold by Apollo Global Management LLC, which bought Rexnord in 2006. The company went public in March 2012.

The Milwaukee, Wis.-based manufacturer of power transmission and water management products will not issue shares in the offering and will not receive any of the proceeds.

Apollo Management has granted the offering's underwriters — Deutsche Bank Securities Inc., Goldman, Sachs & Co., BofA Merrill Lynch and Credit Suisse Securities (USA) LLC — an option to buy up to an additional 1.7 million shares of common stock.

According to FactSet, Apollo remains the company's largest shareholder with 62.6 million shares for a 64.4 percent stake.

Rexnord shares closed at $17.92 last Friday. They have traded in a range of $14.87 to $22.45 in the past year.

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StarTribune

Apollo Global to sell 11M of its Rexnord shares through public offering

Robbinsdale shelter-in-place alert accidentally sent countywide

Developer of St. Paul's Keg & Case food hall declares bankruptcy

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Minnesotans interviewed to serve on Feeding Our Future trial

Armed man shot during standoff with police outside Target in Woodbury