FET converts $122.8M of convertible notes to equity; cuts annual interest by >$11M

FORUM ENERGY TECHNOLOGIES, INC.

$122.8M (47.8%) of 9.00% Convertible Notes due 2025 converting into ~4.5M common shares on Jan 3, 2023.
Remaining $134.2M of notes not subject to further mandatory conversion provisions.
Annualized interest payments will decline by over $11M following the conversion.
Adjusted net debt would have been ~$93M (2.0x TTM Adj. EBITDA) as of Sept 30, 2022, counting conversion and sale-leaseback.
ABL credit facility availability remains $127M as of same date.

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