Forum Energy Technologies Announces $60 Million Senior Secured Notes Redemption
17 Julio 2024 - 3:10PM
Business Wire
Forum Energy Technologies, Inc. (NYSE: FET) today announced that
it will redeem $60 million in aggregate principal amount of its
9.000% Convertible Senior Secured Notes due 2025 (“2025 Notes”) at
par on August 16, 2024.
For the second quarter 2024, the Company expects to report cash
flows from operating activities between $23 million and $25
million. Additionally, during the quarter FET repurchased
approximately $13 million of the 2025 Notes at a discount to
par.
Neal Lux, President and Chief Executive Officer, remarked, “We
are executing our previously announced plan to retire long-term
debt through positive free cash flow and liquidity under our ABL
Credit Facility. This year, following the announced redemption, we
will have retired more than half of the outstanding principal
amount of the 2025 Notes. I look forward to repaying the remaining
2025 Notes and the Variperm Seller Term Loan in 2025.”
This announcement does not constitute a notice of redemption
with respect to the 2025 Notes. Additional information concerning
the redemption is described in the notice of partial redemption
distributed to holders of the 2025 Notes.
The range of the Company’s expected cash flows from operating
activities for the second quarter 2024 included herein is
preliminary, estimated and unaudited, and based on information
available to management as of the date of this press release. The
Company will announce its full second quarter 2024 financial
results at a later date.
Forward Looking Statements and Other Legal Disclosure
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include the expectations of
plans, strategies, objectives and anticipated financial and
operating results of the Company, including any statement about the
Company's preliminary results for the second quarter 2024, future
financial position, the partial redemption of the 2025 Notes,
future debt repayments, liquidity and capital resources,
operations, performance and other guidance included in this press
release.
These statements are based on certain assumptions made by the
Company based on management’s experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. Among other
things, these include the volatility of oil and natural gas prices,
oilfield development activity levels, the availability of raw
materials and specialized equipment, the Company’s ability to
deliver backlog in a timely fashion, the availability of skilled
and qualified labor, competition in the oil and natural gas
industry, governmental regulation and taxation of the oil and
natural gas industry, the Company’s ability to implement new
technologies and services, the availability and terms of capital,
and uncertainties regarding environmental regulations or litigation
and other legal or regulatory developments affecting the Company's
business, and other important factors that could cause actual
results to differ materially from those projected as described in
the Company’s filings with the U.S. Securities and Exchange
Commission.
Any forward-looking statement speaks only as of the date on
which such statement is made and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
FET is a global company, serving the oil, natural gas,
industrial and renewable energy industries. FET provides value
added solutions that increase the safety and efficiency of energy
exploration and production. We are an environmentally and socially
responsible company headquartered in Houston, TX with
manufacturing, distribution and service facilities strategically
located throughout the world. For more information, please visit
www.f-e-t.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240717715377/en/
Rob Kukla Director Investor Relations 281.994.3763
Rob.Kukla@f-e-t.com
Forum Energy Technologies (NYSE:FET)
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