Flowserve Corporation Issues $500 Million Aggregate Principal Amount of its 2.800% Senior Notes Due 2032
September 24, 2021 at 04:03 pm EDT
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Flowserve Corporation announced that on September 23, 2021, it has issued $500 million aggregate principal amount of its 2.800% Senior Notes due 2032. The Notes were issued pursuant to a Senior Indenture, dated as of September 11, 2012, between the Company and U.S. Bank National Association, as Trustee, as supplemented by the Fifth Supplemental Indenture, dated as of September 23, 2021, between the Company and the Trustee. Capitalized terms used in this current report and not defined herein have the meanings ascribed to them in the Indenture. Interest on the Notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2022. The Notes mature on January 15, 2032. At any time prior to October 15, 2031 (the Par Call Date"), the Notes are subject to redemption upon not less than 10 days' but no more than 60 days' prior written notice, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of; 100% of the principal amount of the Notes to be redeemed; or the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (assuming for these purposes that the Notes matured on the Par Call Date), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points. At any time on or after the Par Call Date, the Company may redeem the Notes, in whole or in part from time to time, at its option, at a redemption price equal to 100% of the principal amount of the Notes to be. In each case, the company will also pay the accrued and unpaid interest on the principal amount being redeemed to the Redemption Date.
Flowserve Corporation is a manufacturer and aftermarket service provider of comprehensive flow control systems. The Company develops and manufactures precision-engineered flow control equipment integral to the movement, control and protection of the flow of materials. The Company operates through two segments: Flowserve Pumps Division (FPD) and Flow Control Division (FCD). FPD segment designs, manufactures, pretests, distributes and services specialty and highly engineered custom and pre-configured pumps and pump systems, mechanical seals, auxiliary systems, replacement parts and upgrades and related aftermarket service. FPD products and services are used by companies that operate in the oil and gas, chemical, water management and general industries. FCD designs, manufactures, distributes and services a broad portfolio of flow control solutions, including engineered and industrial valve and automation systems, isolation and control valves, actuation, controls and related equipment.