National Oilwell Varco Announces Pricing of Senior Notes Offering
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.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any state.
Additional Information
The Company is a worldwide leader in the design, manufacture and sale of
equipment and components used in oil and gas drilling and production
operations, the provision of oilfield services, and supply chain
integration services to the upstream oil and gas industry.
This press release contains 'forward-looking statements? within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
21E of the Securities Exchange Act of 1934, as amended. There are many
risks and uncertainties that could cause actual results to differ
materially from those expressed in the Company′s forward-looking
statements. Readers are referred to documents filed by the Company with
the Securities and Exchange Commission, including the Annual Report on
Form 10-K for the year ended December 31, 2011 and the Company′s
subsequent Quarterly Reports on Form 10-Q for the quarters ended March
31, 2012, June 30, 2012 and September 30, 2012 for a discussion of risk
factors that may affect the Company′s business. The Company undertakes
no obligation to publicly update or revise any forward-looking statement.
National Oilwell Varco, Inc.
Clay Williams, 713-346-7606
Clay.Williams@nov.com
