Shaw Group amends loan, extending $1 billion of commitments till 2012

By Sara Rosenberg

New York, Sept. 25 - The Shaw Group Inc. amended its credit facility, getting $1 billion in new and extended lender commitments that mature in October 2012, according to a news release.

The amendment also allows the company to seek up to $400 million in additional secured commitments and other supplemental credit facilities.

Proceeds are available for the issuance of performance and financial letters of credit and/or for working capital needs and general corporate purposes.

Security is a first-priority interest in all of the company's tangible and intangible assets, a pledge of all of the capital stock of its material domestic subsidiaries and a pledge of 66% of the capital stock of certain of its foreign subsidiaries.

The facility will become unsecured upon attaining a one-level increase from the company's current corporate credit ratings to Baa3/BBB- and the release of liens securing supplemental credit facilities.

Shaw is a Baton Rouge, La.-based provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation and facilities management services for government and private sector clients in the energy, chemicals, environmental, infrastructure and emergency response markets.

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