TechnipFMC Announces Results and Upsizing of Note Tender Offer

Source: www.gulfoilandgas.com 12/2/2021, Location: North America

TechnipFMC plc announced the results of its previously announced cash tender offer (the “Tender Offer”) in respect of its (i) 6.500% Senior Notes due February 1, 2026 (the “2026 Notes”); (ii) 5.75% Notes due June 30, 2025 (the “2025 Notes”); (iii) 3.15% Notes due October 16, 2023 (the “2023 Series A Notes”); and (iv) 3.15% Notes due October 18, 2023 (the “2023 Series B Notes” and, collectively with the 2023 Series A Notes, the “2023 Notes”, and, collectively with the 2026 Notes and the 2025 Notes, the “Notes”).

The Company further announced that it has increased the maximum aggregate principal amount of Notes to be accepted in the Tender Offer (the “Maximum Tender Amount”) from $100 million to $200 million. The terms and conditions of the Tender Offer, as set forth in the offer to purchase (the “Offer to Purchase”), dated November 18, 2021, otherwise remain unchanged.

As of 5:00 P.M., New York City time, on December 2, 2021, in excess of $200 million aggregate principal amount of the 2026 Notes had been validly tendered and not validly withdrawn. Because the tendered amount exceeds the Maximum Tender Amount (as increased), the tendered 2026 Notes have been accepted for purchase on a prorated basis. As a result, $200 million aggregate principal amount of the 2026 Notes that were tendered were accepted for purchase by the Company, with settlement scheduled to occur on December 6, 2021.

Holders of the 2026 Notes that were tendered and accepted will receive the Total Consideration of $1,085.00 per $1,000 principal amount of 2026 Notes, including the Early Tender Premium of $30.00 per $1,000 principal amount of 2026 Notes, as further described in the Offer to Purchase.

Because the aggregate principal amount of the 2026 Notes that has been accepted for purchase is equal to the Maximum Tender Amount (as increased), in accordance with the priority of acceptance set forth in the Offer to Purchase: (1) no 2025 Notes or 2023 Notes have been or will be accepted in the Tender Offer and (2) no further 2026 Notes will be accepted in the Tender Offer. All 2025 Notes and 2023 Notes that were tendered will be promptly returned. Holders of the 2026 Notes can obtain details of the proration from the Depositary.

The Company has engaged BofA Securities, Inc. and Citigroup Global Markets, Inc., to act as the dealer managers for the Tender Offer. The Information Agent and Depositary for the Tender Offer is Global Bondholder Services Corporation. Copies of the Offer to Purchase and related offering materials are available by contacting the Information Agent at +1 (866) 470-3700 (toll-free), +1 (212) 430-3774 or contact@gbsc-usa.com. Questions regarding the Tender Offer should be directed to BofA Securities, Inc. at +1 (980) 387-5602 (collect), +44 20-7996-5420, debt_advisory@bofa.com or DG.LM-EMEA@bofa.com and Citigroup Global Markets, Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 (collect).


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