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Fluor talks $450 million convertible preferred stock to yield 6%-6.5%, up 17.5%-22.5%
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 after the market close on Thursday with price talk for a dividend of 6% to 6.5% and an initial conversion premium of 17.5% to 22.5%, according to a market source.
BofA Securities Inc. and BNP Paribas Securities Corp. are bookrunners for the Rule 144A offering, which carries a greenshoe of $67.5 million, or 67,500 shares.
The preferred stock is provisionally callable until May 20, 2024 subject to a 130% hurdle and with a cash make-whole payment.
There is dividend protection via a conversion rate adjustment above $0.00 per quarter.
Proceeds will be used to redeem or repay outstanding debt and for general corporate purposes.
Fluor is an Irving, Tex.-based multinational engineering and construction firm.
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