Foster Wheeler plans to terminate revolving credit agreement

By Marisa Wong

Madison, Wis., Nov. 7 – Foster Wheeler AG intends to terminate its credit agreement dated Aug. 3, 2012 with BNP Paribas as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The company delivered a notice of termination on Friday.

The termination is conditioned on AMEC plc issuing a press release announcing that the conditions to the pending exchange offer by AMEC International Investments BV to acquire all of the issued and to be issued registered shares of Foster Wheeler have been satisfied or waived.

Foster Wheeler intends to terminate all commitments under the existing credit agreement and replace, transfer and/or terminate the liabilities of the letters of credit that are outstanding under the credit agreement.

The credit agreement, which was scheduled to terminate on Aug. 3, 2017, provided a $750 million unsecured revolving line of credit available for the issuance of letters of credit by Foster Wheeler or any of its direct or indirect subsidiaries and revolving credit loans of up to $250 million.

Foster Wheeler is a Baar, Switzerland-based engineering conglomerate, and AMEC is a London-based multinational consultancy, engineering and project management company.

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