Engineering, construction, fabrication, environmental and industrial services organization Shaw Group Inc announced that it has completed an amendment to increase its current bank credit facility to $750 million, an increase of $200 million.
The entire $750 million is available for performance letters of credit and up to $425 million is available for working capital revolving credit loans and financial letters of credit.
The amendment is effective immediately and the term of the credit facility remains unchanged at April 25, 2010.
Robert L Belk, Jr Executive Vice President and Chief Financial Officer of Shaw, said, "The past several months have been very active for Shaw.
They are extremely pleased to have announced a number of significant contracts recently including awards by Dominion, Duke Energy, CLECO, SABIC, DOW/Petrochemical Industries, and the most recent award by Xcel.
This amendment to their credit facility enhances their financial flexibility and improves their ability to meet the needs of their clients, including their expanding emergency response activities."
Shaw Group Inc is a leading global provider of technology, engineering, procurement, construction, maintenance, fabrication, manufacturing, consulting, remediation, and facilities management services for government and private sector clients in the energy, chemical, environmental, infrastructure and emergency response markets.
Headquartered in Baton Rouge, Louisiana, with over $3 billion in annual revenues, Shaw employs approximately 20,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region.
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