Chicago Bridge amends financial covenants under four credit agreements

By Marisa Wong

Morgantown, W.Va., Oct. 28 – Chicago Bridge & Iron Co. NV entered into amendments to four of its credit agreements on Oct. 27 to modify some financial maintenance covenants, according to an 8-K filing with the Securities and Exchange Commission.

The company amended its credit agreement dated Oct. 28, 2013, its amended and restated revolving credit agreement dated July 8, 2015, its term loan agreement dated Dec. 21, 2012 and its term loan agreement dated July 8, 2015.

The amendments make changes to allow the company to complete transactions under a purchase agreement and remain in compliance with all debt facility covenants.

Under the agreement, Westinghouse Electric Co. LLC will acquire all of the outstanding equity interests in Chicago Bridge & Iron’s nuclear construction business. The transaction is expected to close in the fourth quarter.

Bank of America, NA is the administrative agent for the four amended credit agreements.

The engineering, procurement and construction conglomerate is based in the Hague, Netherlands.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.