CB&I Upsizes Senior Secured Credit Facility to $625 Million
CB&I, a provider of integrated storage and asset-management solutions, has upsized its senior secured credit facility to $625 million. The expanded facility consists of a $500 million revolving credit facility and a new $125 million syndicated Term Loan A, which carries the same terms and maturity as the revolving credit facility.
The additional capacity will replenish cash used in connection with the acquisition of Asset Solutions (previously part of the Petrofac Group) and enhance CB&I's financial flexibility to support future investments. The facility matures on Dec. 4, 2028.
Citibank served as administrative agent for the transaction. The expanded lender group includes existing partners Truist Securities, National Bank of Canada, Webster Bank, Texas Capital Bank, Crédit Agricole CIB, Wells Fargo and J.P. Morgan, together with new participants Goldman Sachs Bank USA and Zions Bancorporation, dba Amegy Bank.
'Our existing lending partners demonstrated strong support for the expansion, and the syndication process attracted two highly respected financial institutions to the lending group,' said Michael Caldwell, senior vice president and chief financial officer of CB&I. 'This reflects a meaningful endorsement of CB&I's operating performance, strategic direction, and long-term growth prospects.'