New Issue: Fluor sells $300 million convertible to yield 1.5%, up 40%

Nashville, Feb. 11 - Fluor Corp. sold $300 million of 20-year convertible notes at par to yield 1.5% with a 40% initial conversion premium via joint bookrunners Banc of America Securities and Citigroup Global Markets Inc.

The registered deal priced at the aggressive end of yield talk of 1.5% to 2.0% and at the cheap end of premium guidance of 40% to 45%.

Holders will have full dividend protection.

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

Terms of the deal are:

Issuer:	Fluor Corp.
Issue:	Convertible senior notes
Bookrunner:	Banc of America Securities and Citigroup Global Markets
Amount:	$300 million
Greenshoe:	$30 million
Maturity:	Feb. 15, 2024
Coupon:	1.5%
Price:	Par
Yield:	1.5%
Conversion premium:	40%
Conversion price:	$39.96
Conversion ratio:	25.025
Call:	Non-callable for 5 years
Put:	In years 5, 10 and 15
Contingent conversion:	130%
Price talk:	1.5-2.0%, up 40-45%
Pricing date:	Feb. 10, after the close
Settlement date:	Feb. 17
Distribution:	Registered

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