Forum Energy Technologies, Inc. (NYSE: FET) has announced the completion of its private offering of $100 million in aggregate principal amount of 10.5% senior secured bonds (the “Offering”). These bonds are set to mature in November 2029 and will be issued at par value. The Offering is expected to close on November 7, 2024, pending customary closing conditions.
The net proceeds from this Offering, along with cash reserves, will be used to fully redeem all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the “2025 Notes”) and to pay off all outstanding borrowings under the Seller Term Loan related to the acquisition of Variperm Energy Services.
The offered securities have not been registered under the Securities Act of 1933 or any state securities laws. As such, they may not be sold or offered in the United States or to U.S. persons unless registered or exempt from registration requirements. The securities are being offered in a private placement in compliance with U.S. securities laws, targeting non-U.S. persons outside the United States under Regulation S of the Securities Act.
This announcement does not serve as a notice of redemption for the 2025 Notes or a notice of repayment for the Seller Term Loan.
Additionally, this press release is not an offer to sell or a solicitation of an offer to buy these securities, nor does it constitute a sale in any state where such an offer or sale would be illegal. This press release is issued in accordance with Rule 135c under the Securities Act.
