| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Aecom Technology Corp. > News item |
Aecom Technology gets $750 million restated term loan due 2018
By Angela McDaniels
Tacoma, Wash., June 13 - Aecom Technology Corp. borrowed $750 million on June 7 under an amended and restated term loan, according to an 8-K filing with the Securities and Exchange Commission.
The term loan matures on June 7, 2018. It has a $100 million accordion feature.
The initial interest rate is Libor plus 150 basis points. The margin over Libor ranges from 112.5 bps to 225 bps based on the company's leverage ratio.
Amortization payments are due on an annual basis beginning June 30, 2014.
The loans are prepayable at any time without penalty.
Bank of America, NA is the administrative agent. Bank of America Merrill Lynch is the bookrunner. Bank of America Merrill Lynch and Union Bank, NA are the lead arrangers. Union Bank, NA, BBVA Compass, HSBC Bank USA, NA, Keybank NA, Sumitomo Mitsui Banking Corp. and Wells Fargo Bank, NA are the syndication agents.
The company used about $675 million of the proceeds to repay debt under its prior term loan facility and about $72 million of the proceeds to pay down debt under its revolving credit facility and other short-term debt.
The credit agreement requires the company to maintain a minimum fixed charge coverage ratio of 1.25 times and a maximum leverage ratio of 3 times.
The company's obligations under the credit agreement are guaranteed by some of its subsidiaries. The loans are unsecured.
In connection with the term loans, the company amended its revolving credit facility with Bank of America as administrative agent to conform some of its provisions to the applicable provisions in the term credit agreement.
Aecom provides engineering and management support services. It is based in Los Angeles.
© 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.