Forum Energy Technologies Inc

NYSE:FETUnited States

Forum Energy Technologies Announces Closing of $100 Million Senior Secured Bond Issuance
HOUSTON--(BUSINESS WIRE)--November 11, 2024--
Forum Energy Technologies, Inc. (NYSE: FET) ("FET") announced today that it closed its offering of USD $100.0 million aggregate principal amount of 10.5% senior secured bonds (the "Offering") on November 8, 2024. The bonds will mature in November 2029 and were issued at par. Net proceeds from the Offering, together with cash on hand, were used to repay all borrowings outstanding under the seller term loan issued in connection with the acquisition of Variperm Energy Services and were also used to redeem in full all outstanding 9.000% Convertible Senior Secured Notes due 2025 (the "2025 Notes"). FET discharged its obligations under the 2025 Notes indenture, and they will be redeemed on December 8, 2024.

Dallas, Texas--(Newsfile Corp. - November 4, 2024) - Forum Energy Technologies, Inc. (NYSE: FET) Stonegate Capital Partners updates their coverage on Forum Energy Technologies, Inc. (NYSE: FET). FET reported revenue, adj EBITDA, and adj net income of $207.8M, $25.8M, and ($2.3)M, respectively. This compares to our/consensus estimates of $211.3M/$214.5M, $26.3M/$26.8M, and ($4.4)M/$0.7M. It is noted that revenues were in-line with our expectations. GPM was slightly ahead of expectations, resulting in stronger operating profits. Adj. EBITDA margins were in-line with expectations at 12.4%. Adj. NI was slightly ahead of our expectations due to stronger than expected OPM.