Fluor prices any-and-all tender offer for 3½% senior notes due 2024

By William Gullotti

Buffalo, N.Y., Aug. 11 – Fluor Corp. priced the any-and-all tender offer, launched Aug. 7, for its $381,014,000 outstanding 3½% senior notes due 2024 (Cusip: 343412AC6), according to a press release on Friday.

As previously reported, company is offering noteholders a tender consideration based on the 1% U.S. Treasury due Dec. 15, 2024 and a fixed spread of 20 basis points. Using that basis, Fluor will pay a total consideration of $975.03 per $1,000 principal amount of tendered notes, reflecting a reference yield of 5.267%.

Accrued interest will also be paid.

The offer is still expected to expire at 5 p.m. ET on Aug. 11, which is also the withdrawal deadline.

There are guaranteed delivery procedures. The deadline for guaranteed delivery procedures will be 5 p.m. ET on Aug. 15.

Settlement remains planned for Aug. 16.

As previously reported, there is a financing condition related to a concurrent offering of convertible senior notes.

The company plans to repay any and all 2024 notes not purchased by the company in the tender offer.

BofA Securities (888 292-0070, debt_advisory@bofa.com), BNP Paribas Securities Corp. (888 210-4358, dl.us.liability.management@us.bnpparibas.com) and Wells Fargo Securities (866 309-6316, liabilitymanagement@wellsfargo.com) are the dealer managers.

D.F. King & Co., Inc. is the tender and information agent for the offer (800 791-3319, 212 269-5550, fluor@dfking.com).

Fluor is an Irving, Tex.-based global engineering, construction and maintenance company.

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