FET closes $100M 10.5% senior secured bond offering to redeem 2025 notes and Variperm term loan

FORUM ENERGY TECHNOLOGIES, INC.

$100M aggregate principal, 10.5% coupon, due Nov 2029, issued at par.
Net proceeds (~$96M) plus cash used to repay Variperm seller term loan and redeem all outstanding 9% convertible notes due 2025.
Bonds have financial covenants: max leverage 4.0x, min liquidity $25M, with equity cure rights.
CEO Neal Lux says offering fortifies balance sheet and provides flexibility for M&A and share repurchases.
Application will be made to list bonds on Nordic ABM or other exchange.

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