Forum energy technologies announces mandatory conversion of 9.00% convertible senior secured notes

Houston--( business wire )--forum energy technologies, inc. (nyse: fet) today announced the satisfaction of the mandatory conversion requirements under its 9.00% convertible senior secured notes due august 2025 (the “2025 notes”). in connection with the conversion, $122.8 million or 47.8% of the 2025 notes will convert into approximately 4.5 million shares of fet common stock on january 3, 2023, with a settlement date of january 5, 2023. the remaining approximately $134.2 million in aggregate principal of the 2025 notes are not subject to any optional or further mandatory conversion provisions. fet's annualized interest payments will decline by over $11 million following the conversion.
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