Fluor to price $450 million par-of-$1,000 convertible preferred stock

By Abigail W. Adams

Portland, Me., May 12 – Fluor Corp. plans to price $450 million, or 450,000 shares, of par-of-$1,000 convertible preferred stock in a Rule 144A offering, according to a company news release.

The deal carries a greenshoe of $67.5 million, or 67,500 shares.

The preferred stock is freely convertible.

The company may force the conversion of the stock on or after May 20, 2022.

Proceeds will be used to redeem or repay outstanding debt and for general corporate purposes.

Fluor Corp. is an Irving, Tex.-based multinational engineering and construction firm.

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