Fluor prices $500M of 1.125% convertible senior notes due 2029; proceeds for capped calls and 2024 note tender

FLUOR CORP

$500M principal of 1.125% convertible senior notes due 2029 priced; conversion premium ~32.5% (~$45.37/shr).
Initial purchasers have option for up to $75M additional notes; settlement expected Aug 10, 2023.
Net proceeds ~$486.3M ($559.4M if over-allotment exercised); used to fund capped call transactions & repurchase 2024 notes.
Capped call transactions entered with option counterparties at initial cap price of $68.48/shr to mitigate dilution.
Notes mature Aug 15, 2029; interest payable semi-annually; Fluor may redeem on/after Aug 20, 2026 under certain conditions.

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