Fluor gives results for any-and-all tender offer for 3½% notes due 2024

By Mary-Katherine Stinson

Lexington, Ky., Aug. 14 – Fluor Corp. announced the final results for the any-and-all tender offer for its $381,014,000 outstanding 3½% senior notes due 2024 (Cusip: 343412AC6), according to an 8-K filing with the Securities and Exchange Commission.

As of the expiration deadline of 5 p.m. ET on Aug. 11, $114.77 million total principal amount of the 2024 notes were validly tendered. In addition, $149,000 aggregate principal amount of the 2024 notes were tendered under guaranteed delivery procedures.

As previously reported, company is offering noteholders a tender consideration based on the 1% U.S. Treasury due Dec. 15, 2024 and a fixed spread of 20 basis points. Using that basis, Fluor will pay a total consideration of $975.03 per $1,000 principal amount of tendered notes, reflecting a reference yield of 5.267%.

Accrued interest will also be paid. Interest will cease to accrue on the settlement date for all accepted 2024 notes, including those tendered through the guaranteed delivery procedures.

The deadline for guaranteed delivery procedures is 5 p.m. ET on Aug. 15.

Settlement is planned for Aug. 16.

As previously reported, there was a financing condition related to a concurrent offering of convertible senior notes.

The company plans to repay any and all 2024 notes not purchased by the company in the tender offer.

BofA Securities (888 292-0070, debt_advisory@bofa.com), BNP Paribas Securities Corp. (888 210-4358, dl.us.liability.management@us.bnpparibas.com) and Wells Fargo Securities (866 309-6316, liabilitymanagement@wellsfargo.com) are the dealer managers.

D.F. King & Co., Inc. is the tender and information agent for the offer (800 791-3319, 212 269-5550, fluor@dfking.com).

Fluor is an Irving, Tex.-based global engineering, construction and maintenance company.

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