National Oilwell Varco Announces Results of Tender Offer for Any and All 2.600% Senior Unsecured Notes Due 2022
August 26 2020 - 8:30AM
Business Wire
National Oilwell Varco, Inc. (the “Company”) (NYSE: NOV)
announced today the closing of the previously announced cash tender
offer (the “Tender Offer”) to purchase any and all of the
outstanding 2.600% Senior Unsecured Notes due 2022 (the “Notes”)
issued by the Company. The Tender Offer expired at 5:00 p.m., New
York City time, on August 25, 2020 (the “Expiration Time”). The
complete terms and conditions of the Tender Offer were set forth in
an Offer to Purchase, dated August 19, 2020 (the “Offer to
Purchase”), and the related Notice of Guaranteed Delivery.
As of the Expiration Time, $217,068,000 aggregate principal
amount of Notes had been validly tendered and not validly
withdrawn. This amount excludes $2,963,000 aggregate principal
amount of the Notes expected to be tendered pursuant to the
guaranteed delivery procedures described in the Offer to Purchase.
Notes tendered pursuant to the guaranteed delivery procedures must
be provided no later than 5:00 p.m., New York City time, on August
27, 2020.
The Company has accepted for payment all the Notes validly
tendered and not validly withdrawn prior to the Expiration Time
and, in accordance with the terms of the Offer to Purchase, has
paid all holders of such Notes $1,035 per $1,000 principal amount
of Notes tendered plus accrued and unpaid interest from the last
interest payment date to, but not including, today, August 26, 2020
(the “Payment Date”). The Company intends to accept for payment all
of the Notes that are tendered pursuant to the guaranteed delivery
procedures. Payment for Notes validly tendered pursuant to the
guaranteed delivery procedures is expected to be made on August 28,
2020, as described in the Offer to Purchase.
The Company funded the purchase of the Notes with cash on hand.
Barclays Capital Inc. and J.P. Morgan Securities LLC acted as
dealer managers for the Tender Offer. D.F. King & Co., Inc. was
the information agent and tender agent for the Tender Offer.
About NOV
NOV is a leading provider of technology, equipment, and services
to the global oil and gas industry that supports customers’
full-field drilling, completion, and production needs. Since 1862,
NOV has pioneered innovations that improve the cost-effectiveness,
efficiency, safety, and environmental impact of oil and gas
operations. NOV powers the industry that powers the world.
Visit www.nov.com for more information. Information on the
Company’s website is not part of this release.
Cautionary Notice Regarding
Forward-Looking Statements
Statements made in this press release that are forward-looking
in nature are intended to be “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and may involve risks and uncertainties. Such statements
include plans, projections and estimates regarding the completion
of the Tender Offer. Such forward-looking statements are subject to
certain risks, uncertainties and assumptions, including prevailing
market conditions and other factors. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those expected. Readers are referred to documents filed by NOV
with the SEC, including the Annual Report on Form 10-K and
Quarterly Report on Form 10-Q, which identify significant risk
factors that could cause actual results to differ from those
contained in the forward-looking statements. The Company undertakes
no obligation to update forward-looking statements, except as
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200826005440/en/
Blake McCarthy (713) 815-3535
NOV (NYSE:NOV)
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