Rexnord (RXN) Announces Conv. Preferred stock Offering
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Rexnord Announces Public Offering of Mandatory Convertible Preferred Stock
November 30, 2016 4:13 PM ESTMILWAUKEE--(BUSINESS WIRE)-- Rexnord Corporation (NYSE: RXN) today 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.
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