KBR - KBR to repurchase $100M principal amount of convertible senior notes
2023-06-02 07:04:32 ET
- KBR ( NYSE: KBR ) via separate, privately negotiated arrangements decides to repurchase $100 million principal amount of its outstanding $350 million, 2.50% convertible senior notes due 2023.
- Subject to share price volatility as stated, the transactions will result in a net outflow of ~$188 million and include the cost of this component of the eventual notes maturity in November 2023.
- In connection with the Note repurchases, KBR will also terminate a proportionate amount of convertible note hedges and warrants.
- The transaction de-risks higher cost of the convertible bond maturity in the event of continued stock price appreciation.
- Pursuant to the closure of the repurchases, $250 million in aggregate principal amount of notes will remain outstanding, with terms unchanged.
For further details see:
KBR to repurchase $100M principal amount of convertible senior notes