Foster Wheeler closes on new $250 million credit facility

New York, March 24 - Foster Wheeler Ltd. said it has closed on a new $250 million credit agreement.

The full amount of the facility is available to issue letters of credit or the company can use up to $75 million for revolving borrowings.

Foster Wheeler will use the new facility, which is due on March 24, 2010, to replace a previous letter-of-credit agreement that was set to expire on April 30, 2005. That previous agreement was $125 million in size and did not allow revolver borrowings.

Foster Wheeler is a Clinton, N.J., provider of engineering, construction and manufacturing services.

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