HOUSTON, Oct. 24, 2024–(BUSINESS WIRE)–Forum Energy Technologies, Inc. (NYSE:FET) (“FET”) today finalized the terms of a $100 million aggregate principal amount private placement with FET. announced that it had been decided. 10.5% senior secured notes (the “Offering”). The bonds mature in November 2029 and will be issued at par. The offering is expected to close on November 7, 2024, subject to customary closing conditions. FET will use the net proceeds from the Offering and cash on hand to redeem all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the “2025 Notes”) and to fund the outstanding seller term loan. We plan to repay all outstanding borrowings. In connection with the acquisition of Variperm Energy Services (the “Seller Term Loan”).
The securities offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws, and unless registered, the securities may not be sold in or for the United States. It cannot be offered or sold. Individuals except for transactions pursuant to or not subject to an exemption from the registration requirements of securities laws and applicable state securities laws. FET intends to sell its securities in private placements in the United States pursuant to the Securities Act and outside the United States only to non-U.S. persons pursuant to Regulation S under the Securities Act.
This announcement does not constitute a notice of redemption with respect to the 2025 Notes or a notice of repayment with respect to the Seller Term Loan.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, these securities in any state in which such offer, solicitation, or sale would be unlawful. No sale shall take place. This press release is being issued pursuant to Rule 135c under the Securities Act.
FET (Forum Energy Technologies) is a global manufacturing company serving the oil, natural gas, industrial and renewable energy industries. Headquartered in Houston, Texas, FET provides value-added solutions aimed at improving the safety, efficiency and environmental impact of its customers’ operations. For more information, please visit www.fet.com.
Cautionary note regarding forward-looking statements
Statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “likely,” “plan,” “predict,” ” Contains words and phrases such as “may” and “might.” It includes “may,” “should,” “will” and similar words, particularly statements regarding the offering and the use of proceeds therefrom. The forward-looking statements contained in this press release involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those indicated. You should carefully read and consider FET’s most recent annual report (Form 10-K) and quarterly reports (Form 10-Q) for additional information regarding known material risks. These are available on the Securities and Exchange Commission’s website (www.sec.gov). . Each forward-looking statement speaks only as of the date of the particular statement, and FET undertakes no obligation to update or revise any forward-looking statement, except as required by law.
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