Fluor Announces Full Mandatory Conversion of Series A 6.50% Cumulative Perpetual Convertible Preferred Stock
September 25 2023 - 6:50AM
Business Wire
Fluor Corporation (NYSE: FLR) (the “Company” or “Fluor”)
announced today that it has exercised its mandatory conversion
rights on its outstanding Series A 6.50% Cumulative Perpetual
Convertible Preferred Stock (the “Preferred Stock”). All of the
outstanding shares of Preferred Stock will automatically convert to
shares of the Company’s common stock, $0.01 par value (“Common
Stock”) plus a cash payment equal to the Mandatory Conversion
Make-Whole Amount, effective September 27, 2023 (the “Mandatory
Conversion Date”). For each share of Preferred Stock, holders of
Preferred Stock will receive 44.9585 shares of Common Stock and a
cash payment of $45.23 in respect of the Mandatory Conversion
Make-Whole Amount. Fractional shares of Common Stock will be
rounded up to the nearest whole share. All dividends on the
Preferred Stock will cease to accumulate on the Mandatory
Conversion Date, and no payment or adjustment shall be made upon
conversion of Preferred Stock for accumulated dividends since the
last record date.
“Today's announcement represents a key milestone in our journey
to restore Fluor’s solid capital structure, support future growth
and provide financial resiliency,” said Joe Brennan, Fluor’s chief
financial officer. “The mandatory conversion of the Preferred
Stock, along with our successful convertible debt offering last
month, reinforces our financial discipline and enables a path
towards returning capital to common stockholders.”
About Fluor Corporation
Fluor Corporation (NYSE: FLR) is building a better world by
applying world-class expertise to solve its clients’ greatest
challenges. Fluor’s 40,000 employees provide professional and
technical solutions that deliver safe, well-executed,
capital-efficient projects to clients around the world. Fluor had
revenue of $13.7 billion in 2022 and is ranked 303 among the
Fortune 500 companies. With headquarters in Irving, Texas, Fluor
has provided engineering, procurement and construction services for
more than 110 years.
Forward-Looking Statements: This
press release may contain forward-looking statements (including
without limitation statements to the effect that the Company or its
management “will,” “believes,” “expects,” “anticipates,” “plans” or
other similar expressions). Such forward-looking statements
include, but are not limited to, statements that are not historical
facts. Actual results may differ materially as a result of a number
of factors. Caution must be exercised in relying on forward-looking
statements. Due to known and unknown risks, the Company’s results
may differ materially from its expectations and projections.
Additional information concerning factors that could affect the
Company’s results can be found in the Company's public periodic
filings with the Securities and Exchange Commission, including the
discussion under the heading “Item 1A. Risk Factors” in the
Company’s Form 10-K filed on February 21, 2023. Such filings are
available either publicly or upon request from Fluor's Investor
Relations Department: (469) 398-7222. The Company disclaims any
intent or obligation other than as required by law to update its
forward-looking statements in light of new information or future
events.
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Fluor Corporation 469.398.7000 main tel Brett Turner Media
Relations 864.281.6976 tel Jason Landkamer Investor Relations
469.398.7222 tel
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