Flowserve Announces Pricing of Euro-Denominated Senior Notes
(Thomson Reuters ONE) -
DALLAS, March 10, 2015 - 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 ?500.0 million
aggregate principal amount of 1.250% Senior Notes due 2022 (the "Notes"), at a
price equal to 99.336% of the aggregate principal amount of the Notes. The
company anticipates that the offering will close on or around March 17, 2015,
subject to customary closing conditions.
The company expects to receive net proceeds of approximately ?491.8 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, which was the predominant source of funds for the acquisition of SIHI
Group B.V. in January 2015, and use the remainder for general corporate
purposes, which may include acquisitions.
J.P. Morgan Securities plc and Merrill Lynch International are acting as joint
book running managers for the offering.
The offering is being made pursuant to an effective shelf registration
statement, and only by means of a prospectus supplement and accompanying
prospectus, copies of which may be obtained by contacting J.P. Morgan Securities
plc by calling (collect) +44-207-134-2468 or Merrill Lynch International by
calling (toll-free) (800) 294-1322. Alternatively, you may get these documents
for free by visiting EDGAR on the SEC website at http://www.sec.gov/. Before you
invest, you should read the base prospectus in such shelf registration
statement, the prospectus supplement related to the offering and other documents
incorporated by reference in the prospectus supplement for more complete
information about the company and this offering.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy securities.
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; changes in the global financial markets and the availability of capital
and 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 accepting 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 North African, Russian, Latin
American and 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; increased aging and slower
collection of receivables, particularly in Latin America and other emerging
markets; our exposure to fluctuations in foreign currency exchange rates,
particularly the Euro and British pound and in hyperinflationary countries such
as Venezuela; our furnishing of products and services to nuclear power plant
facilities and other critical applications; 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; access to public and private
sources of debt financing; 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 GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#1901444]
Unternehmensinformation / Kurzprofil:
Datum: 10.03.2015 - 22:31 Uhr
Sprache: Deutsch
News-ID 377562
Anzahl Zeichen: 8249
contact information:
Town:
Irving, TX
Kategorie:
Business News
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