Forum Energy Technologies, Inc. announced the finalization of terms for its private offering of $100.0 million aggregate principal amount of 10.5% senior secured bonds. These bonds are set to mature in November 2029 and will be issued at par, establishing clear financial obligations for the company.
The offering is expected to close on November 7, 2024, subject to customary closing conditions. This timeline provides a definitive schedule for the completion of this significant financing event.
Net proceeds from the issuance, along with existing cash, are designated to fully redeem all outstanding 9.000% Convertible Senior Secured Notes due 2025 and to repay all borrowings under the seller term loan associated with the Variperm Energy Services acquisition. This action will extend the company's debt maturity profile and improve its capital structure.
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