FLOW
#Sure.
Good morning, <UNK>.
Yes, you know, again, the nuclear ---+ the larger orders are difficult to define sometimes in other product lines.
When you get into nuclear, sometimes it gets a little more challenging, based on all the requirements that are associated with gaining final approval and moving forward, given the capital expenditures and the regulatory requirements.
So, we would hope to see some in the second half of the year, but there's a chance that they can slip into 2017, just based on the requirements that take place in order to get those orders out into the market.
I'm not going to get ahead of the market.
We need to go through the process here, so I'll be in New York and Boston today, and tomorrow meeting with investors, and likely price on Friday.
What we've said is, we do expect it to be a lower blended coupon than our current 6 7/8, but I want to respect the market process, and I don't want to speculate at this point.
Thanks, <UNK>.
Yes, I'd say on the market front, <UNK>, it's still too early.
We do pretty broad-based business in the UK.
In addition to Food and Beverage, we do have Power and Energy product lines based there across the UK, both Clyde Union and our mixer business.
We do some mixer business there, we do some valve business, filtration business that goes into Power and Energy.
So overall, we do have an important base there for us, but we haven't seen any significant impacts thus far.
Again, a little bit too difficult to predict at this stage.
We would view it separately, and especially in this case, when we have customers that are doing upgrades or improving their current facilities in terms of safety performance.
Some of the post- Fukushima activity that's going on that we see across the globe, and France being an area.
And if you are going into Japan itself, it's where we see opportunities for these upgrades that are happening in our safety pumps.
When we think about squid valves, we've again historically been tied to more new development in the market for nuclear plants in that area.
Frankly, I don't really think about it that way, because the reality is, with the technical requirements in our credit facility, the absolute latest date of a refi is really May 1.
Obviously, April is a quiet period, which we couldn't go to market, which leaves you from a next year window perspective.
Two weeks in February and the month of <UNK>h, and so it's really depending on when you pick, when your required refinancing date [is], and it's really not, I would say, financially logical to assume the actual maturity date of those bonds.
So again, we'll have more probably from a press release perspective later in the week on where the pricing lands.
Right now I think, albeit it's earlier than absolutely necessary, I think that interest leakage ---+ the actual interest leakage that we will experience ---+ is very much worth it from a risk/reward perspective, over the hopefully blended nine-year term of the refinancing that we're going to market with.
So I would expect the indenture to be pretty consistent with the existing bond.
The covenant on the credit facility we announced that about a month ago now, early part of July, that we negotiated with our lending syndicate moved our net leverage covenant from 3 1/4 to 4 times, and so very pleased with the flexibility of the marketplace there for relatively nominal cost.
Thanks, <UNK>.
Thanks, <UNK>.
This is <UNK> <UNK> again.
This concludes our call for today.
We thank everybody for joining us.
I will be available on the phones all day, as normal, to answer any follow-up calls.
Thanks again for joining us, and we'll talk to you next time.
