Forum Energy Technologies, Inc. announced preliminary selected Third Quarter 2024 financial results, indicating that both revenue and Adjusted EBITDA are within the company's previously announced guidance ranges. This early disclosure provides investors with an initial view of the company's performance for the quarter ending September 30, 2024.
Concurrently, FET commenced a private offering of $100.0 million aggregate principal amount of 5-year senior secured bonds. The company intends to utilize the net proceeds from this offering, combined with cash on hand, to fully redeem all outstanding 9.000% Convertible Senior Secured Notes due 2025.
Additionally, the proceeds will be used to repay all borrowings outstanding under the seller term loan that was issued in connection with the acquisition of Variperm Energy Services. This strategic financial maneuver aims to extend debt maturities and enhance the company's overall financial flexibility.
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