National Oilwell Varco Raising Cash for Robbins & Myers Acquisition (USA)

National Oilwell Varco, Inc. announced today the pricing of a public offering of $3.0 billion of senior notes, consisting of three tranches.

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., which it currently expects to close in the fourth quarter of 2012. The remaining net proceeds will be used for other general corporate purposes.

National Oilwell Varco 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.

Robbins & Myers, Inc., headquartered in Houston, TX, is a leading supplier of engineered, application-critical equipment and systems for global energy, chemical and other industrial markets. The company provides products and services for upstream oil and gas markets, along with a portfolio of industrial process and flow control products. Robbins & Myers has 3,400 employees and operates in 15 countries.

Related:

National Oilwell Varco to Buy Robbins & Myers for USD 2.5 Bln (USA)

[mappress]
November 16, 2012