Foster Wheeler to launch $350 million credit facility Aug. 3

By Sara Rosenberg

New York, July 27 - Foster Wheeler Ltd. is scheduled to hold a bank meeting on Aug. 3 to launch its proposed $350 million credit facility, according to a market source.

BNP Paribas is the lead bank on the deal.

The facility consists of a $200 million revolver and a $150 million synthetic letter-of-credit facility, the source said.

Proceeds will be used to refinance existing debt.

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

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