Fluor Corp. said it has completed a...
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Fluor Corp. said it has completed a $68-million bond offering through Union Bank of Switzerland, the last in a series of three debt issues that raised a total of $252 million.
The Irvine engineering and mining concern said that proceeds from all three issues will be used to pay prior years’ federal income taxes and interest.
Fluor said it sold the second and third issues in Europe because it was able to obtain more favorable interest rates on the issues, adding, however, that both European issues will be repaid in U.S. dollars.
Fluor said it faced a tax bill totaling at least $140 million after an Internal Revenue Service ruling that taxes on multi-year contracts had to be paid annually rather than at the end of the contract.
The company said the three offerings should allow it to meet its back tax obligations in full.
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