TechnipFMC gets consents to amend 2% notes, 3.45% notes by early date

By Susanna Moon

Chicago, March 14 – TechnipFMC plc said it obtained the needed consents to amend the $300 million 2% senior notes due Oct. 1, 2017 and $500 million 3.45% senior notes due Oct. 1, 2022 issued by FMC Technologies, Inc.

FMC plans to enter into one or more supplemental indentures to the notes to amend the indentures upon settlement of the exchange, according to a company update on Tuesday.

Specifically, holders had tendered $215,398,000, or 71.8%, of the 2% notes and $456,649,000, or 91.33%, of the 3.45% notes.

As announced Feb. 28, TechnipFMC is offering to exchange any and all of the two note series for up to $800 million of new notes issued by TechnipFMC and cash.

FMC’s 2% notes due 2017 will be exchanged for new 2% senior notes due 2017 issued by TechnipFMC, and FMC’s 3.45% notes due 2022 will be exchanged for new 3.45% senior notes due 2017 issued by TechnipFMC. The new notes will have substantially identical terms, except that the exchange notes will generally be freely transferable under the U.S. Securities Act of 1933.

TechnipFMC is offering for each $1,000 principal amount of existing notes tendered by 11:59 p.m. ET on March 13, the early tender date, $1,000 principal amount of new notes and $1.00 in cash. The total exchange value includes an early tender payment of $30 principal amount of new notes.

The exchange offers will continue until 11:59 p.m. ET on March 27.

Tendered notes may no longer be withdrawn, as of the early deadline.

Holders tendering after the early deadline will receive the exchange payment of $970 principal amount of new notes and $1.00 in cash per $1,000 principal amount of existing notes.

In conjunction with the exchange offers, FMC is soliciting consents to amend the note indentures to eliminate some covenants, restrictive provisions and events of default.

Each exchange offer and consent solicitation is conditioned on the completion of the other exchange offer and consent solicitation, but TechnipFMC may choose to waive this condition at any time.

Only noteholders who are qualified institutional buyers under Rule 144A or not a U.S. person and outside the United States under Regulation S may participate.

D.F. King & Co. (800 967-4617, 212 269-5550 for banks and brokers, technipfmc@dfking.com) is the exchange agent and information agent.

Based in London, TechnipFMC specializes in technologies and production systems for subsea, onshore/offshore and surface projects. TechnipFMC was formed from the combination of Houston-based FMC Technologies and Paris-based Technip Eurocash SNC.

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