Cameron International enters into new $750 million three-year facility

By Tali Rackner

Norfolk, Va., April 16 - Cameron International Corp. and subsidiaries Cameron Flow Control Technology GmbH, Cameron Petroleum (UK) Ltd., Cameron (Singapore) Pte. Ltd., Cameron Canada Corp. and Cameron Lux V Sarl entered into a $750 million credit facility on Monday, according to an 8-K filing with the Securities Commission.

Interest will be Libor plus 87.5 basis points to 150 bps, with the exact margin dependent on the company's credit ratings.

Proceeds from the facility, which matures April 11, 2017, will be used to finance working capital, capital expenditures and other general corporate purposes, including acquisitions and share repurchases, and to issue letters of credit pursuant to the terms of the credit agreement.

Citibank, NA is the administrative agent. Citigroup Global Markets Inc. is the lead arranger and a joint bookrunner, and J.P. Morgan Securities LLC is also a joint bookrunner. Barclays and Bank of Tokyo-Mitsubishi UFJ, Ltd. are co-syndication agents and co-documentation agents.

The oil and gas pressure control and compression company is based in Houston.

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