KBR to repurchase $100M of 2.5% convertible notes due Nov 2023; expects $188M net outflow

KBR, INC.

Repurchasing $100M principal of its $350M 2.50% Convertible Senior Notes due Nov 1, 2023, from certain holders.
Estimated net cash outflow of $188M after partial termination of convertible note hedges and warrants, based on June 1 stock price.
After closing, $250M principal of notes will remain outstanding with unchanged terms.
Partial unwind agreements with Bank of America, BNP Paribas, and Citibank for proportionate hedge and warrant positions.
Remaining warrant transactions amended to allow KBR to elect cash settlement at its option.

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