KBR gets waiver under five-year revolver for restating financials

By Susanna Moon

Chicago, May 13 - KBR Inc. said it received a waiver of compliance under its five-year revolving credit agreement.

The waiver is for defaults that were triggered, or might have been triggered, from KBR's May 5 announcement that it plans to restate its year ended Dec. 31, 2013 financial statements, and from the timing and delivery of financial statements for the three months ended March 31 and related documents, due to delays caused by the pending restatement, according to a company press release.

The waiver is subject to KBR's being current with filings of its annual and quarterly reports with the Securities and Exchange Commission by Aug. 30.

With the receipt of the waiver, no event of default exists under the credit agreement as a result of the pending restatement.

The company may request the issuance of new letters of credit and loan advances under the credit agreement in accordance with its terms.

KBR is an engineering, construction and services company based in Houston.

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