Foster Wheeler gets $350 million credit facility

By Sara Rosenberg

New York, Oct. 16 - Foster Wheeler Ltd. closed on a new $350 million five-year senior secured domestic credit facility, according to a company news release.

The facility, which was effective Oct.13, can be used to issue letters-of-credit up to the $350 million limit and there is also the option to use up to $100 million of the total amount for revolving borrowings.

"This new agreement provides the increased bonding capacity and financial flexibility that we require to support our growing operations and increased volume of business and, at current usage levels, will also reduce our bonding costs by approximately $8 million per year," said John T. La Duc, executive vice president and chief financial officer, in the release.

Foster Wheeler is a Clinton, N.J., provider of engineering and construction services to the energy industries.

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