National Oilwell Varco Announces Pricing of Senior Notes Offering
Today : Thursday 15 November 2012
National Oilwell Varco, Inc. (NYSE: NOV) (the “Company”) announced today the pricing of a public offering of $3.0 billion of senior notes, consisting of three tranches:
• $500,000,000 aggregate principal amount of its 1.35% senior notes due December 1, 2017;
• $1,400,000,000 aggregate principal amount of its 2.60% senior notes due December 1, 2022; and
• $1,100,000,000 aggregate principal amount of its 3.95% senior notes due December 1, 2042.
The offering is expected to close on November 20, 2012, subject to customary closing conditions.
The Company intends to use approximately $2.5 billion of the net proceeds from the sale of the senior notes to fund a portion of the purchase price for the acquisition of Robbins & Myers, Inc. (the “Robbins & Myers Acquisition”), which it currently expects to close in the fourth quarter of 2012. The remaining net proceeds will be used for other general corporate purposes. If the Company does not consummate the Robbins & Myers Acquisition or the consummation of the Robbins & Myers Acquisition is delayed until the first quarter of 2013, the net proceeds intended to be used to fund such acquisition will be used for other general corporate purposes, including the funding of ongoing operations and other acquisitions by the Company.
Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. An electronic copy of the prospectus supplement and prospectus is available from the Securities and Exchange Commission's website at www.sec.gov.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission on November 15, 2012.
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