Foster Wheeler Closes New Five Year Credit Deal
Foster Wheeler Ltd. (Nasdaq: FWLT) has successfully closed on a new $350 million, five-year senior secured domestic credit facility, effective October 13, 2006.
The Company will be able to utilize the facility by issuing letters of credit up to the full $350 million limit. The Company will also have the option to use up to $100 million of the $350 million limit for revolving borrowings, an option which the Company has no immediate plans to use.
"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.
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