Flowserve to repay revolving credit facility via new notes proceeds

By Tali David

Minneapolis, Oct. 28 - Flowserve Corp. plans to repay the current balance of its $1 billion revolving credit facility due 2018 with the proceeds from a $300 million new notes offering, according to a 424B5 filing with the Securities and Exchange Commission.

Remaining proceeds will be used for general corporate purposes, which may include acquisitions.

Bank of America, NA, JPMorgan Chase Bank, NA, Wells Fargo Bank, NA and Credit Agricole Corporate & Investment Bank are lenders under the facility.

As of Sept. 30, the company had $196 million drawn under the revolver.

Flowserve is an Irving, Texas-based provider of fluid motion and control products and services.

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