The updated credit package features a $500 million revolving credit facility alongside a $125 million Term Loan A, with both components set to mature on December 4, 2028. This capital infusion arrives shortly after the company acquired the Asset Solutions business from Petrofac Group, a move that required immediate cash utilization. By upsizing the facility, CB&I aims to replenish its cash reserves and secure additional capacity for letters of credit to support long-term growth projects.
In section Releases
CB&I Expands Credit Facility to $625 Million
The Woodlands-based storage and asset-management firm CB&I has secured a $625 million senior credit facility, marking a significant increase from its previous $400 million arrangement. The expansion, which includes a new syndicated term loan, arrives as the company seeks to bolster its financial flexibility following a recent acquisition.
Michael Caldwell, the company’s Senior Vice President and Chief Financial Officer, noted that the syndication process, led by Citibank, N.A., drew interest from high-profile institutions including Goldman Sachs Bank USA and Zions Bancorporation, N.A. dba Amegy Bank. Despite the new debt structure, the company reports that the revolving facility remains undrawn, leaving CB&I with no funded debt outstanding at the time of closing. The expanded lending group also retains participation from existing partners like Truist Securities, National Bank of Canada, and Wells Fargo, N.A., among others.
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