CB&I upsizes senior secured credit facility to $625 million
CB&I completed an upsized $625 million senior secured credit facility, including a $500 million revolver and a new $125 million term loan.
CB&I said Aug. 13 that it completed the upsizing and closing of its senior secured credit facility to $625 million from $400 million.
The company said the package includes a $500 million revolving credit facility and a new $125 million syndicated Term Loan A. CB&I said the facility matures Dec. 4, 2028.
CB&I said the added capacity replenishes cash used for its acquisition of Asset Solutions, formerly part of the Petrofac Group. The company said the financing is intended to improve financial flexibility, support future investments and add letter of credit capacity for long-term growth initiatives.
CB&I said the revolving facility was undrawn at closing and that it entered the upsizing with no funded debt outstanding and strong liquidity.
The company said Citibank, N.A. served as administrative agent. It said the lender group included Truist Securities, National Bank of Canada, Webster Bank, N.A., Texas Capital Bank, Crédit Agricole CIB, Wells Fargo, N.A. and J.P. Morgan, N.A., along with new participants Goldman Sachs Bank USA and Zions Bancorporation, N.A. dba Amegy Bank.
CB&I described itself as a provider of integrated storage and asset-management solutions operating through Storage Solutions and Asset Solutions. It said the company is owned by a consortium of financial investors led by Mason Capital Management LLC.
The release also included standard forward-looking statement cautionary language.
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