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Forum Energy Technologies Announces $75 Million Share Repurchase Program and Completion of Sale-Leaseback Transactions
Monday, 9th December at 8:29 am
• $75 million share repurchase program
• Net Proceeds of $20 million from sale-leaseback transactions
Forum Energy Technologies, Inc. (NYSE: FET) ("FET") today announced that its Board of Directors has authorized a program for the repurchase of outstanding shares of FET's common stock having an aggregate purchase price of up to $75 million. Shares may be repurchased under the program from time to time, in amounts and at prices that FET deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program does not obligate FET to repurchase any particular amount of its common stock, and it could be modified, suspended or discontinued at any time. In addition, it may be executed using open market purchases pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in privately negotiated agreements pursuant to Rule 10b5-1 plans or other transactions.
Under the terms of the company's outstanding Senior Secured Bonds, share repurchases are subject to a Leverage Ratio of 1.5x. Such Leverage Ratio is calculated by dividing (i) net debt as of a testing date not earlier than one month prior to the date shares are repurchased, by (ii) Adjusted EBITDA, as reported in the company's most recent publicly filed financial report. For purposes of determining net debt, the capitalized value of finance leases is included in the calculation. Until such time as FET's Leverage Ratio is less than 1.5x, the company will not repurchase its common stock. Permitted cash distributions each year are subject to a maximum limit of 50% of FET's Adjusted Net Cash Flow to Equity in the previous calendar year. Any unutilized portion of such permitted cash distributions may not be carried forward to future years.
Monday, 9th December at 8:29 am
• $75 million share repurchase program
• Net Proceeds of $20 million from sale-leaseback transactions
Forum Energy Technologies, Inc. (NYSE: FET) ("FET") today announced that its Board of Directors has authorized a program for the repurchase of outstanding shares of FET's common stock having an aggregate purchase price of up to $75 million. Shares may be repurchased under the program from time to time, in amounts and at prices that FET deems appropriate, subject to market and business conditions, applicable legal requirements and other considerations. The program does not obligate FET to repurchase any particular amount of its common stock, and it could be modified, suspended or discontinued at any time. In addition, it may be executed using open market purchases pursuant to Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in privately negotiated agreements pursuant to Rule 10b5-1 plans or other transactions.
Under the terms of the company's outstanding Senior Secured Bonds, share repurchases are subject to a Leverage Ratio of 1.5x. Such Leverage Ratio is calculated by dividing (i) net debt as of a testing date not earlier than one month prior to the date shares are repurchased, by (ii) Adjusted EBITDA, as reported in the company's most recent publicly filed financial report. For purposes of determining net debt, the capitalized value of finance leases is included in the calculation. Until such time as FET's Leverage Ratio is less than 1.5x, the company will not repurchase its common stock. Permitted cash distributions each year are subject to a maximum limit of 50% of FET's Adjusted Net Cash Flow to Equity in the previous calendar year. Any unutilized portion of such permitted cash distributions may not be carried forward to future years.
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