Flowserve Announces Pricing of $300 Million of Senior Notes Due 2023
(Thomson Reuters ONE) -
DALLAS, October 28, 2013 - Flowserve Corporation (NYSE:FLS), a leading provider
of flow control products and services for the global infrastructure markets,
today announced that it has priced an underwritten public offering of $300
million aggregate principal amount of 4.00% Senior Notes due 2023 (the "Notes"),
at a price equal to 99.532% of the aggregate principal amount of the Notes. The
company anticipates that the offering will close on or around November 1, 2013,
subject to customary closing conditions.
The company expects to receive net proceeds of approximately $295 million from
the offering, after deducting discounts to the underwriters and estimated
offering fees and expenses. The company intends to use the net proceeds of the
offering to repay the current balance on the company's revolving credit facility
and use the remainder for general corporate purposes, which may include
acquisitions.
J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Wells Fargo Securities, LLC and Credit Agricole Securities (USA) Inc. are acting
as joint book running managers for the offering. When available, a copy of the
prospectus for the offering may be obtained from the Securities and Exchange
Commission's Web site at www.sec.gov. In addition, a copy of the prospectus for
the offering may be obtained from J.P. Morgan Securities LLC by calling
(collect) (212) 834-4533, Merrill Lynch, Pierce, Fenner & Smith Incorporated by
calling (toll-free) (800) 294-1322 or Wells Fargo Securities, LLC by calling
(toll-free) (800) 326-5897.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy securities. Any offering of securities will be made only by
means of a prospectus.
Flowserve Contacts
Investor Contacts:
Jay Roueche, vice president, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, director, Investor Relations, (972) 443-6636
Media Contacts:
Lars Rosene, vice president, Global Communications and Public Affairs, (972)
443-6644
Amy Allen, manager, Global Communications and Public Affairs, (972) 443-6501
About Flowserve: Flowserve Corp. is one of the world's leading providers of
fluid motion and control products and services. Operating in more than 50
countries, the company produces engineered and industrial pumps, seals and
valves as well as a range of related flow management services. More information
about Flowserve can be obtained by visiting the company's Web site at
www.flowserve.com.
Safe Harbor Statement: This news release includes 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, which are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995, as
amended. Words or phrases such as, "may," "should," "expects," "could,"
"intends," "plans," "anticipates," "estimates," "believes," "forecasts,"
"predicts" or other similar expressions are intended to identify forward-looking
statements, which include, without limitation, earnings forecasts, statements
relating to our business strategy and statements of expectations, beliefs,
future plans and strategies and anticipated developments concerning our
industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our
current expectations, projections, estimates and assumptions. These statements
are only predictions, not guarantees. Such forward-looking statements are
subject to numerous risks and uncertainties that are difficult to predict.
These risks and uncertainties may cause actual results to differ materially from
what is forecast in such forward-looking statements, and include, without
limitation, the following: a portion of our bookings may not lead to completed
sales, and our ability to convert bookings into revenues at acceptable profit
margins; the potential for unexpected cancellations or delays of customer orders
in our reported backlog; our dependence on our customers' ability to make
required capital investment and maintenance expenditures; risks associated with
cost overruns on fixed-fee projects and in taking customer orders for large
complex custom engineered products; the substantial dependence of our sales on
the success of the oil and gas, chemical, power generation and water management
industries; the adverse impact of volatile raw materials prices on our products
and operating margins; economic, political and other risks associated with our
international operations, including military actions or trade embargoes that
could affect customer markets, particularly Middle Eastern markets and global
oil and gas producers, and non-compliance with U.S. export/re-export control,
foreign corrupt practice laws, economic sanctions and import laws and
regulations; our exposure to fluctuations in foreign currency exchange rates,
including in hyperinflationary countries such as Venezuela; our furnishing of
products and services to nuclear power plant facilities and other critical
processes; potential adverse consequences resulting from litigation to which we
are a party, such as litigation involving asbestos-containing material claims; a
foreign government investigation regarding our participation in the United
Nations Oil-for-Food Program; expectations regarding acquisitions and the
integration of acquired businesses; our relative geographical profitability and
its impact on our utilization of deferred tax assets, including foreign tax
credits; the potential adverse impact of an impairment in the carrying value of
goodwill or other intangible assets; our dependence upon third-party suppliers
whose failure to perform timely could adversely affect our business operations;
the highly competitive nature of the markets in which we operate; environmental
compliance costs and liabilities; potential work stoppages and other labor
matters; our inability to protect our intellectual property in the U.S., as well
as in foreign countries; obligations under our defined benefit pension plans;
and other factors described from time to time in our filings with the Securities
and Exchange Commission.
All forward-looking statements included in this news release are based on
information available to us on the date hereof, and we assume no obligation to
update any forward-looking statement.
# # #
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Flowserve Corporation via Thomson Reuters ONE
[HUG#1738719]
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2013 - 21:59 Uhr
Sprache: Deutsch
News-ID 310070
Anzahl Zeichen: 7654
contact information:
Town:
Irving, TX
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 133 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Flowserve Announces Pricing of $300 Million of Senior Notes Due 2023"
steht unter der journalistisch-redaktionellen Verantwortung von
Flowserve Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
