NOV Inc. Announces Full Redemption of Its Outstanding 2.60% Senior Notes Due 2026
NOV Inc. (NYSE: NOV) has announced its intention to redeem all outstanding 2.60% senior notes worth $182.7 million, due December 2022. The redemption will take place on April 9, 2021, at par plus a make-whole premium and accrued interest. The company plans to fund this redemption using available cash. Registered holders of the notes will receive a notice of redemption from Wells Fargo Bank, the trustee for the notes. The announcement serves as an informational release and not a purchase or solicitation offer.
- Complete redemption of $182.7 million in senior notes strengthens balance sheet.
- Funding redemption with available cash indicates healthy cash flow position.
- None.
NOV Inc. (NYSE: NOV) (the “Company”) today announced that it intends to redeem in full all
The Company expects the Notes to be redeemed on April 9, 2021 (the “Redemption Date”), at a redemption price equal to par plus a make-whole premium calculated in accordance with the terms of the Notes and accrued and unpaid interest to, but not including, the Redemption Date (the “Redemption Price”). The Redemption Price will be due and payable on the Redemption Date upon surrender of the Notes. The Company intends to fund the redemption of the 2022 Notes with available cash on hand.
A notice of redemption is being mailed to all registered holders of the Notes by Wells Fargo Bank, National Association, the trustee for the Notes. Copies of the notice of redemption may be obtained from Wells Fargo by calling (800) 344-5128.
This announcement is for informational purposes only and is not an offer to purchase or sell or a solicitation of any offer to purchase or sell, with respect to the Notes or any other securities.
About NOV
NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.
Visit www.nov.com for more information.
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
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 invoke risks and uncertainties. Such statements include the Company’s ability to fund redemption of the Notes. 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 Inc. with the SEC, including the Annual Report on Form 10-K for the year ended December 31, 2020, and to the extent applicable subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005901/en/
FAQ
What is NOV Inc.'s plan for its senior notes?
When will NOV Inc. redeem its senior notes?
How will NOV Inc. fund the redemption of its senior notes?
Who manages the redemption process for NOV Inc.'s senior notes?
Is the announcement about NOV Inc.'s senior notes an offer to sell or buy securities?
