TechnipFMC gives early tender results; consent bid successful

Chicago, May 4 – TechnipFMC plc announced the early tender results for its capped offer for its $633,079,000 outstanding 6½% senior notes due 2026 (Cusips: 87854XAE1, G87110AC9), according to a press release.

As of the early deadline, noteholders tendered $430,187,000 of the notes.

The company started the offer stating that it would only accept $320 million of the notes but has lifted the cap to accept all of the tendered notes.

The company is offering to buy the notes for $1,050 per $1,000 notes. The consideration includes a $30 early tender premium for noteholders who tendered their notes by the early deadline at 5 p.m. ET on May 3.

Interest will also be paid to the settlement date.

Tendering noteholders also delivered consents to eliminate substantially all of the restrictive covenants and certain events of default in the indenture.

The effectiveness of the proposed amendments was subject to the receipt of the necessary number of consents and the condition that the notes tendered in the tender offer are not prorated.

The company received the requisite consents and is not prorating the offer.

The early deadline was also the withdrawal deadline.

The early settlement date is expected on May 4.

The offer expires at 11:59 p.m. ET on May 17; however, no more notes will be accepted for purchase.

BofA Securities, Inc. (888 292-0070, 980 387-5602, debt_advisory@bofa.com) and Citigroup Global Markets, Inc. (800 558-3745, 212 723-6106) are the dealer managers for the tender offer and the solicitation agents for the consent solicitation.

The information agent for the tender offer and the consent solicitation is Global Bondholder Services Corp. (855 654-2014, 212 430-3774).

TechnipFMC has its registered office in Newcastle Upon Tyne, England, and operational headquarters in Houston. The company specializes in technologies and production systems for subsea, onshore/offshore and surface projects.

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