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FMC Technologies gets new $1.5 billion revolver due 2017
By Angela McDaniels
Tacoma, Wash., March 27 - FMC Technologies, Inc. entered into a new $1.5 billion revolving credit facility due March 26, 2017 on Monday, according to an 8-K filing with the Securities and Exchange Commission.
The revolver has a $500 million accordion feature and can be extended by one year. It has a $600 million sublimit for letters of credit and a $50 million sublimit for swingline loans.
The interest rate is Libor plus 112.5 basis points to 175 bps, depending on the company's ratings. The commitment fee is 15 bps to 35 bps.
JPMorgan Chase Bank, NA is the administrative agent. Royal Bank of Scotland plc is the syndication agent. Bank of Tokyo-Mitsubishi UFJ, Ltd., DNB Bank ASA, Grand Cayman Branch, and Wells Fargo Bank, NA are the documentation agents. J.P. Morgan Securities LLC, RBS Securities Inc., Bank of Tokyo-Mitsubishi UFJ, DNB Markets, Inc. and Wells Fargo Securities, LLC acted as the bookrunners.
Under the credit agreement, the company must keep its ratio of adjusted total debt to consolidated EBITDA at 3.5 times or below.
To the extent the company has outstanding commercial paper, its ability to borrow under the revolver is reduced. As of Monday, it had $100 million of direct borrowings under the revolver and $571 million of commercial paper outstanding.
The proceeds are available for working capital, capital expenditures and other corporate purposes, including as support for the company's commercial paper program and to repay existing debt.
In connection with the new revolver, the company repaid and terminated $100 million of outstanding loans under a Dec. 6, 2007 credit agreement and terminated its Jan. 13, 2010 credit agreement. There were no loans outstanding under the latter agreement.
FMC provides technology solutions for the energy industry such as surface wellhead production systems and marine loading systems. It is based in Houston.
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