CB&I, a provider of integrated storage and asset‑management solutions, upsized and closed its senior secured credit facility from $400 million 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 facility matures on Dec. 4, 2028.
The additional capacity replenishes cash utilized in connection with the acquisition of Asset Solutions (previously part of the Petrofac Group) and enhances CB&I’s financial flexibility to support future investments, while providing additional letter of credit capacity to support the company’s long-term growth initiatives.
“Our existing lending partners demonstrated strong support for the expansion, and the syndication process, led by Citibank, attracted two highly respected financial institutions, Goldman Sachs Bank USA and Zion Bancorporation, N.A dba Amegy Bank, to the lending group,” Michael Caldwell, senior vice president and chief financial officer of CB&I, said. “This strong level of interest reflects a meaningful endorsement of CB&I’s operating performance, strategic direction, and long-term growth prospects. It also significantly enhances our capacity to pursue and successfully execute projects and solutions across the diverse markets we serve while maintaining substantial financial flexibility.”
The revolving credit facility remains undrawn at closing, and CB&I enters the upsizing with no funded debt outstanding and a strong liquidity position.
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.
