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TechnipFMC launches capped tender offer, consent bid for 6½% notes
Chicago, April 20 – TechnipFMC plc started a capped tender offer for up to $320 million of its $633,079,000 outstanding 6½% senior notes due 2026 (Cusips: 87854XAE1, G87110AC9), according to a press release.
The company is offering to buy the notes for $1,050 per $1,000 notes. The consideration includes a $30 early tender premium for noteholders who tender their notes by the early deadline at 5 p.m. ET on May 3.
Interest will also be paid to the applicable settlement date.
Tendering noteholders will also be delivering consents to eliminate substantially all of the restrictive covenants and certain events of default in the indenture.
The effectiveness of the proposed amendments is subject to the receipt of the necessary number of consents and the condition that the notes tendered in the tender offer are not prorated.
However, tenders may be subject to proration.
The early deadline is also the withdrawal deadline.
The early settlement date is expected on May 4.
The offer expires at 11:59 p.m. ET on May 17.
BofA Securities, Inc. (888 292-0070, 980 387-5602, debt_advisory@bofa.com) and Citigroup Global Markets, Inc. (800 558-3745, 212 723-6106) are the dealer managers for the tender offer and the solicitation agents for the consent solicitation.
The information agent for the tender offer and the consent solicitation is Global Bondholder Services Corp. (855 654-2014, 212 430-3774).
TechnipFMC has its registered office in Newcastle Upon Tyne, England, and operational headquarters in Houston. The company specializes in technologies and production systems for subsea, onshore/offshore and surface projects.
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