Rexnord (RXN) Announces Conv. Preferred stock Offering
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Rexnord Corporation (NYSE: RXN) announced the commencement of an underwritten public offering of 7,000,000 depositary shares, each of which represents a 1/20th interest in a share of its Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”). The underwriters of the offering have an option to buy up to 1,050,000 additional depositary shares to cover over-allotments.
Rexnord intends to use the net proceeds from this offering to repay a portion of its outstanding term loan indebtedness under its credit agreement and for general corporate purposes.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Barclays Capital Inc. and Citigroup Global Markets Inc. are acting as joint book-running managers of the offering.
Holders of the depositary shares will be entitled to a proportional fractional interest in the rights and preferences of the Mandatory Convertible Preferred Stock, including conversion, dividend, liquidation and voting rights, subject to the provisions of a deposit agreement with the depositary. Unless earlier converted, each share of Mandatory Convertible Preferred Stock will automatically convert on or around November 15, 2019 into a variable number of shares of Rexnord’s common stock. The conversion rates, dividend rate and other terms of the Mandatory Convertible Preferred Stock will be determined at the time of pricing of the offering of the depositary shares.
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Create E-mail Alert Related CategoriesCorporate News, Equity Offerings
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