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TechnipFMC launches upsized $1 billion five-year guaranteed notes at 6½%; pricing Friday
By Paul A. Harris
Portland, Ore., Jan. 22 – TechnipFMC plc launched an upsized $1 billion offering of five-year senior guaranteed notes (Ba2/BB+) at 6½%, according to market sources.
The issue size increased from $850 million.
The launch comes tight to the 6½% to 6¾% price talk. Initial talk was in the low-to-mid 7% area.
The Rule 144A and Regulation S for life notes are set to price on Friday.
JPMorgan, Citigroup, DNB, SG, SMBC and Wells Fargo are the joint bookrunners.
The notes come with two years of call protection.
The London-based oil and gas services company plans to use the proceeds to pay down debt and for general corporate purposes.
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