TechnipFMC plc Announces Early Results in Connection with Previously Announced Note Tender Offer; Early Tender Premium Shall Apply Through the Expiration Time
September 15, 2021 at 12:04 am EDT
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TechnipFMC plc announced the results of its previously announced cash tender offer to purchase up to $250 million aggregate principal amount of its 6.500% Senior Notes due 2026. As of the Early Tender Time, $164,113,000 aggregate principal amount of the Notes had been validly tendered and not validly withdrawn. These Notes are being accepted by the Company without proration. Holders of Notes validly tendered at or prior to the Early Tender Time, not validly withdrawn and accepted for purchase in accordance with the terms of the Tender Offer are receiving, for each $1,000 principal amount of such Notes, the ‘Total Consideration’ of $1,075, which includes an ‘Early Tender Premium’ of $30.00. In addition to the Total Consideration, such Holders are also receiving, in respect of such Notes, accrued and unpaid interest from August 1, 2021 (the last interest payment date for the Notes) to, but not including. Additionally, the Company announced that the Early Tender Premium of $30.00 shall apply to Notes validly tendered from the date hereof to at or before the Expiration Time. The terms and conditions of the Tender Offer, including the withdrawal deadline, which was 5:00 p.m., New York City time, on September 14, 2021, otherwise remain unchanged and are set forth in an Offer to Purchase dated August 31, 2021. Accordingly, tendered Notes may no longer be withdrawn. The Tender Offer will expire at 11:59 p.m., New York City time, on September 28, 2021, unless extended or earlier terminated. Holders of Notes validly tendered after the Early Tender Time and at or before the Expiration Time will be eligible to receive $1,075 for each $1,000 principal amount of such Notes. Following this announcement, such amount shall also be referred to as the ‘Tender Offer Consideration’. In addition to the Tender Offer Consideration, such Holders will also receive, in respect of such Notes, accrued and unpaid interest from the last interest payment date for the Notes to, but not including, the settlement date for such Notes. Payment for all Notes validly tendered after the Early Tender Time and accepted for purchase will be made promptly after the Expiration Time. If more than the Maximum Tender Amount of Notes are validly tendered, and Notes are accepted for purchase, the amount of Notes that will be purchased will be prorated in the Offer to Purchase. Only Notes validly tendered after the Early Tender Time and at or before the Expiration Time will be subject to possible proration. The Company reserves the right, but is not obligated, to increase the Maximum Tender Amount in its sole discretion. The Company will return any Notes not accepted for purchase promptly after the Expiration Time.
TechnipFMC plc is a United Kingdom-based technology company, which operates in the energy industry. The Company is focused on delivering fully integrated projects, products, and services. The Company operates through two segments: Subsea and Surface Technologies. The Subsea segment manufactures and designs products and systems, performs engineering, procurement and project management and provides services used by oil and gas companies involved in offshore exploration and production of crude oil and natural gas. The Surface Technologies segment designs, manufactures and supplies technologically advanced wellhead systems and high-pressure valves and pumps used in stimulation activities for oilfield service companies and provides installation, flowback and other services for exploration and production companies. The Company operates across various countries, including the United States; Brazil; Norway; the United Kingdom; Guyana, and all other countries.
TechnipFMC plc Announces Early Results in Connection with Previously Announced Note Tender Offer; Early Tender Premium Shall Apply Through the Expiration Time