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KBR amends credit agreement, extending maturity and trimming margin
By Wendy Van Sickle
Columbus, Ohio, Nov. 24 – KBR, Inc. entered into a fifth amendment to its existing credit agreement on Nov. 18, which extends the maturity date of the term loan A and the revolver to November 2026 from February 2025 and reduces the applicable margin of each, according to a news release and an 8-K filing with the Securities and Exchange Commission.
The interest rate has been reduced with the amendment to a range of Libor plus 125 basis points to 225 bps, based on the company’s consolidated net leverage ratio.
The commitment fee is now between 22.5 bps and 32.5.
There is also a new tranche of £122.1 million of term loans for Kellogg Brown & Root Ltd., a wholly owned indirect subsidiary of the company.
The amendment also increases capacity and flexibility under certain financial and negative covenants, and permits the netting of unrestricted cash up to a specified cap for purposes of calculating the leverage ratio.
The company can work with BofA Securities to establish key performance indicators for ESG targets.
Bank of America, NA is the administrative agent, swingline lender and a letter of credit issuer.
The co-syndication agents are BNP Paribas, Capital One NA, Citibank, NA, Citizens Bank, NA, MUFG Bank, Ltd., PNC Bank, NA, Regions Bank, Santander Bank, NA, Bank of Nova Scotia and Truist Bank.
HSBC Bank USA, NA, Standard Chartered Bank and Sumitomo Mitsui Banking Corp. are the co-documentation agents.
Bank of America, NA, BNP Paribas Securities Corp., Capital One NA, Citibank, NA, Citizens Bank, NA, MUFG Bank, Ltd., PNC Capital Markets LLC, Regions Capital Markets, Santander Bank, NA, Bank of Nova Scotia and Truist Securities, Inc. are the joint lead arrangers and joint bookrunners.
KBR is a Houston-based provider of comprehensive solutions for aerospace and defense, energy and chemicals, intel and data science, and federal and civilian markets.
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