Aecom amends and extends credit agreement, reduces interest, fees

By Wendy Van Sickle

Columbus, Ohio, Sept. 29 – Aecom closed an amendment of its existing credit facilities that reduces its borrowing costs and provides greater flexibility, according to a company press release.

The credit agreement amendment makes the following changes:

• Reduces the borrowing rate on the revolving credit and term loan A facilities by 50 basis points;

• Lowers bank commitment and letter-of-credit fees;

• Extends the maturity of the revolving credit and term loan A facilities by two years to 2021; and

• Provides the flexibility of a delayed-draw term loan to redeem an upcoming bond maturity.

Aecom said it expects its interest expense in fiscal 2017, excluding fees, will be reduced by about $10 million as a result of the transaction.

The company said the amendment will help it to execute its growth strategy.

Based in Los Angeles, Aecom designs, builds, finances and operates infrastructure assets for governments, businesses and organizations.

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