CH2M HILL closes $900 million five-year revolving credit facility

By Susanna Moon

Chicago, April 23 - CH2M HILL Cos., Ltd. obtained a $900 million five-year unsecured revolving credit facility.

Interest on the revolving loans under the facility is one-month Libor plus 100 basis points, based on leverage.

The company amended its credit agreement last Thursday with Wells Fargo Bank, NA as administrative agent and swingline lender, according to an 8-K filing with the Securities and Exchange Commission.

CH2M HILL may upsize the total size by up to $200 million with additional commitments.

The subfacility for the issuance of standby letters of credit is up to $500 million, the subfacility for multicurrency borrowings is up to $300 million, and the subfacility for swingline loans is up to $50 million.

Proceeds may be used to refinance debt and for general corporate purposes.

Revolving loans may be borrowed, repaid and reborrowed until April 19, 2017.

The default rate is 200 bps above the interest rate.

CH2M HILL's prior credit facility is deemed to be continued, the filing noted, and not to have been repaid or terminated upon the effectiveness of the credit agreement, and all loans and other extensions of credit under the prior facility continue to remain outstanding.

The engineering and construction company is based in Englewood, Colo.

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