Babcock & Wilcox Co : B&W Closes $700 Million Credit Facility; Extends Maturity to 2017
06/08/2012| 01:10pm US/Eastern
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The Babcock & Wilcox Company (NYSE: BWC) ("B&W") today announced that it
has completed the amendment and restatement of its existing $700 million
senior secured credit facility. B&W currently has no borrowings
outstanding and approximately $218.5 million of letters of credit
outstanding under the amended and restated facility. The entire unused
amount is available for the issuance of performance and financial
letters of credit, borrowing for working capital needs and general
corporate purposes.
The amended and restated facility extends the maturity date of the
credit facility to June 2017 and reduces the interest rate on borrowings
under the credit facility to LIBOR + 1.5%, which rate will vary if the
credit rating for the facility changes. It also includes an option
permitting B&W to increase the size of the credit facility by up to an
additional $300 million by receiving commitments from new or existing
lenders.
"We are pleased with the results of the syndication of our amended and
restated credit facility, as well as with the excellent relationships we
have with our Lender group," said Anthony S. Colatrella, B&W's Senior
Vice President and Chief Financial Officer. "The revised facility
increases our financial flexibility and supports our ability to meet our
operating and strategic goals."
Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas
Securities Corp., J.P. Morgan Securities LLC, and Wells Fargo
Securities, LLC acted as joint lead arrangers and joint book running
managers for the transaction.
About B&W
The Babcock & Wilcox Company is a leader in advanced energy
technology and services, primarily for the nuclear, fossil and renewable
power markets as well as a premier advanced technology and mission
critical defense contractor. B&W has locations worldwide and employs
approximately 12,700 people, in addition to approximately 10,400 joint
venture employees. Please visit our website at www.babcock.com.
The Babcock & Wilcox Company
Michael P. Dickerson, Vice
President and Investor Relations Officer, 704-625-4944
investors@babcock.com
© Business Wire 2012
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