FLUOR CORP (FLR): debt financing — Fluor issues $575M 1.125% convertible notes due 2029 to repurchase 2024 notes

FLUOR CORP

$575M aggregate principal (including $75M option exercise) of 1.125% Convertible Senior Notes due Aug 15, 2029.
Initial conversion rate 22.0420 shares per $1,000 principal (~$45.37/share); capped call transactions cost $72.5M to mitigate dilution.
Net proceeds ~$559.4M; portion funds capped call, remainder to repurchase outstanding 2024 Senior Notes via tender offer.
Credit agreement amended to permit the note issuance and capped call transactions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

FLUOR CORP incurred convertible notes of $575 million aggregate principal amount with BofA Securities, Inc. and Citigroup Global Markets Inc. at 1.125% per year maturing August 15, 2029.

Instrument: convertible notes
Principal: $575 million aggregate principal amount
Counterparty: BofA Securities, Inc. and Citigroup Global Markets Inc.
Rate: 1.125% per year
Maturity: August 15, 2029
Event: incurrence

Exact text from the filing

$575 million aggregate principal amount of the Company’s 1.125% Convertible Senior Notes due 2029

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FLUOR CORP entered into Indenture with U.S. Bank Trust Company, National Association valued at $575 million aggregate principal amount (effective 2023-08-10).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $575 million aggregate principal amount
Effective: 2023-08-10

Exact text from the filing

the Company entered into an Indenture, dated August 10, 2023 (the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee

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Source: SEC EDGAR

accession 0001104659-23-090465

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