Fluor enters $1.65 billion second amended, restated revolving loan

By Taylor Fox

New York, Feb. 25 – Fluor Corp. amended and restated its existing credit facilities by entering a $1.65 billion second amended and restated revolving loan and letter-of-credit facility dated Feb. 19, according to an 8-K filing with the Securities and Exchange Committee.

The amended facility amends prior facilities by terminating the prior facilities; removing Fluor BV as a potential borrower under the amended credit facility; and containing customary financial and restrictive covenants, including a debt-to-capitalization ratio that cannot exceed 0.65 to 1, a limitation on the amount of debt of the greater of $750 million or €750 million for subsidiaries and a minimum liquidity threshold, defined as cash and marketable securities not related to variable interest entities plus the amount available for revolving loan advances under the facility, of $1.5 billion, which may be reduced to $1.25 billion upon the repayment of debt.

BNP Paribas is the administrative agent and issuing lender; Bank of America, NA, is the syndication agent; and Citibank, NA and Wells Fargo Bank, NA are co-documentation agents.

Fluor is an Irving, Texas-based global engineering, construction and maintenance company.

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