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Foster Wheeler terminates revolving facility, replaces existing LoCs
By Marisa Wong
Madison, Wis., Nov. 13 – Foster Wheeler AG terminated its credit agreement dated Aug. 3, 2012 with BNP Paribas as administrative agent on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement was terminated in connection with the closing of an exchange offer. AMEC International Investments BV, a wholly owned subsidiary of Amec Foster Wheeler plc (formerly AMEC plc), launched an exchange offer on Oct. 7 to acquire all of the issued and to be issued registered shares of Foster Wheeler.
On the Nov. 13 effective date, each existing letter of credit issued by BNP Paribas as an issuing lender under the original credit agreement was deemed to be issued on its existing terms under the Amec Foster Wheeler’s credit facilities agreement dated Feb. 13, 2014 with Bank of America Merrill Lynch International Ltd. as global coordinator.
In addition, on Thursday each existing letter of credit issued by HSBC Bank USA, NA under the original credit agreement was deemed to be replaced by a letter of credit issued, on the same terms and conditions, under a new facility letter between HSBC Bank plc and Amec Foster Wheeler dated Nov. 3, and each existing HSBC letter of credit was canceled.
Foster Wheeler had announced its intention to terminate the credit agreement and delivered a notice of termination to BNP Paribas on Nov. 7, as previously reported.
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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