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Flowserve Prices $500M Senior Notes Offering
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Flowserve Prices $500M Senior Notes Offering

Flowserve Corporation (FLS), a leading provider of flow control products and services for the global infrastructure markets, recently announced the pricing of a public offering of $500 million of its 2.8% senior notes due 2032.

Following the news, shares of the company declined 1.6% on Friday to close at $35.88.

The issued notes rank equally in right of payment with the company’s existing and future senior unsecured indebtedness. Meanwhile, the interest will be paid semi-annually on January 15 and July 15 of each year, beginning on January 15, 2022. The offering is likely to close on September 23, 2021.

Notably, the company intends to fund the redemption of its 3.5% Senior Notes due September 2022 and its 4% Senior Notes due November 2023 with the proceeds from the offering. (See Flowserve stock chart on TipRanks)

Last month, RBC Capital analyst Deane Dray reiterated a Hold rating on the stock with a price target of $44. The analyst’s price target implies upside potential of 22.6% from current levels.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 2 Buys and 3 Holds. The average Flowserve price target of $47.25 implies that the stock has upside potential of 31.7% from current levels. Shares have gained about 27.1% over the past year.

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