National Oilwell begins offer for $400 million 2.6% notes due 2022

By Taylor Fox

New York, Aug. 19 – National Oilwell Varco, Inc. commenced a cash tender offer for any and all of its outstanding $400 million aggregate principal amount of 2.6% senior notes due 2022 (Cusip: 637071AJ0), according to a news release.

The offer consideration for each $1,000 principal amount of the notes purchased will be $1,035.

Holders must validly tender and not validly withdraw or deliver a properly completed and duly executed notice of guaranteed delivery for their notes at or before the expiration time of 5 p.m. ET on Aug. 25 in order to be eligible to receive the tender offer consideration.

Holders whose notes are purchased will receive interest from the last interest payment to, but not including, the payment date of Aug. 26.

Settlement for notes tended in the offer is Aug. 26, and settlement for notes delivered through guaranteed delivery procedures is Aug. 28.

D.F. King & Co., Inc. (212 269-5550, 800 967-7510; nov@dfking.com) is tender agent and information agent for the offer.

Barclays Capital Inc. (800 438-3242, 212 528-7581) and J.P. Morgan Securities LLC (866 834-4666, 212 834-3424) are dealer managers.

National Oilwell Varco is a Houston-based provider of technology, equipment and services to the global oil and gas industry.

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