Fluor $300 million quick-sale convertible talked at 1.5-2.0% yield, 40-45% premium

By Ronda Fears

Nashville, Feb. 10 - Fluor Corp. launched $300 million of 20-year quick-sale convertible notes talked to yield 1.5% to 2.0% with a 40% to 45% initial conversion premium for pricing after the close Tuesday.

Banc of America Securities and Citigroup Global Markets Inc. are joint bookrunners of the registered offering.

The senior unsecured notes will be non-callable for five years with puts in years five, 10 and 15. There also is a 130% contingent conversion trigger.

Holders will have full dividend protection.

There is a $30 million greenshoe available.

The energy, engineering and construction services concern, based in Aliso Viejo, Calif., plans to use proceeds for working capital and general corporate purposes.

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