secwatch.observer — SEC 8-K summary
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Issuer:     FORUM ENERGY TECHNOLOGIES, INC. (FET)
CIK:        0001401257
Form:       8-K
Filed at:   2023-01-03T23:59:59+00:00
Accession:  0001401257-23-000002
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1401257/000140125723000002/0001401257-23-000002-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1401257/000140125723000002/fet-20221227.htm
  HTML page:      https://secwatch.observer/filing/0001401257-23-000002

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