CB&I obtains $350 million credit facility

By Sara Rosenberg

New York, Aug. 25 - CB&I closed on a new $350 million unsecured credit facility, which is expandable to $400 million. Bank One and Bank of America are the lead banks of the 18-bank syndicate.

The facility consist of a five-year letter of credit facility and a three-year revolver, both carrying grid-based pricing that can range from Libor plus 150 to 225 basis points depending on the company's leverage ratio, according to a company spokesman.

The facility replaces the company's previous $175 million facility.

"Following our recent very successful equity offering, this financing was well received by the credit markets, and we are extremely pleased at the significant increase in the number of participating banks," said Richard E. Goodrich, executive vice president and chief financial officer, in a news release.

"This larger facility ensures that we have the capacity to support our growing new business and pursue our corporate strategy of seeking significant process-related EPC and liquefied natural gas (LNG) projects worldwide."

CB&I - also known as Chicago Bridge & Iron Co. NV - is a specialty engineering, procurement and construction company.

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