Fluor Corporation (NYSE: FLR) (“Fluor” or the “Company”) today announced the pricing of its cash tender offer to purchase (the “Offer”) any and all of the outstanding 3.500% Senior Notes due 2024 (the “2024 Notes”) on the terms set forth in the table below. The table below sets forth the applicable Reference Yield and Consideration for the 2024 Notes, as calculated at 11:00 a.m., New York City time, today, August 11, 2023, in accordance with the Offer to Purchase.
| Series of Notes | CUSIP/ISIN Numbers | Aggregate Principal Amount Outstanding | U.S. Treasury Reference Security(1) | Reference Yield | Bloomberg Reference Page(1) | Fixed Spread(1) | Consideration (1) |
| 3.500% Senior Notes due 2024 | 343412AC6 / US343412AC69 | $381,014,000 | 1.000% UST dueDecember 15, 2024 | 5.267% | PX4 | 20 bps | $975.03 |
(1) Per $1,000 principal amount of 2024 Notes validly tendered, and not validly withdrawn and accepted for purchase, including through the Guaranteed Delivery Procedures (as defined below), at or prior to the Expiration Date (as defined below) for the tender offer; excludes the accrued interest to be payable on the 2024 Notes and assumes a settlement date on or about August 16, 2023.
The tender offer is being made solely pursuant to the terms and conditions set forth in an Offer to Purchase, dated August 7, 2023 (the “Offer to Purchase”). Holders of the 2024 Notes are urged to carefully read the Offer to Purchase before making any decision with respect to the tender offer. The tender offer is not conditioned on any minimum amount of the 2024 Notes being tendered. Subject to applicable law, the Company may amend, extend or terminate the tender offer in its sole discretion. Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.
The tender offer will expire at 5:00 p.m., New York City time, today, August 11, 2023, unless extended or terminated by the Company (such time and date, as the same may be extended or terminated by the Company in its sole discretion, subject to applicable law, the “Expiration Date”). Tendered 2024 Notes may be withdrawn at or prior to the Expiration Date by following the procedures in the Offer to Purchase, but may not thereafter be validly withdrawn, unless otherwise required by applicable law.
Holders of 2024 Notes must validly tender and not validly withdraw their 2024 Notes, or submit a Notice of Guaranteed Delivery and comply with the related procedures, prior to the Expiration Date in order to be eligible to receive the Consideration. Accrued and unpaid interest will be paid on all 2024 Notes validly tendered and accepted for purchase from the last interest payment date up to, but not including, the settlement date, which is expected to be on or about August 16, 2023.
For holders who deliver a Notice of Guaranteed Delivery and all other required documentation at or prior to the Expiration Date, upon the terms and subject to the conditions set forth in the Offer to Purchase (including the Financing Condition and the General Condition), the deadline to validly tender their 2024 Notes using the guaranteed delivery procedures set forth in the Offer to Purchase (the “Guaranteed Delivery Procedures”) will be the second business day after the Expiration Date and is expected to be 5:00 p.m., New York City time, on August 15, 2023.
The Company has retained BofA Securities, BNP Paribas Securities Corp. and Wells Fargo Securities to act as the dealer managers and D.F. King & Co., Inc. to act as the tender and information agent for the tender offer. For additional information regarding the terms of the tender offer, please contact BofA Securities at +1 (888) 292-0070 (toll-free) or [email protected], BNP Paribas Securities Corp. at +1 (888) 210-4358 (toll-free) or [email protected], or Wells Fargo Securities at +1 (866) 309-6316 (toll-free) or [email protected]. Requests for copies of the Offer to Purchase and questions regarding the tendering of 2024 Notes may be directed to D.F. King & Co., Inc. at (212) 269-5550 (for banks and brokers) or (800) 791-3319 (all others, toll-free) or email [email protected]. The Offer to Purchase, and the related Notice of Guaranteed Delivery can be accessed at the following link: www.dfking.com/fluor.
None of the Company, the Dealer Managers, the Tender and Information Agent or the trustee (nor any director, officer, employee, agent or affiliate of, any such person) makes any recommendation whether Holders should tender or refrain from tendering 2024 Notes in the Offer, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender their 2024 Notes and, if so, the principal amount of the 2024 Notes to tender.
This news release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Offer is only being made pursuant to the Offer to Purchase. Holders of the 2024 Notes are urged to carefully read the Offer to Purchase before making any decision with respect to the Offer.
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 40,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $13.7 billion in 2022 and is ranked 303 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years.
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