CB&I, a designer and builder of storage facilities, tanks and terminals, upsized and closed its senior secured credit facility from $295 million to $400 million. The facility, which matures on Dec. 4, 2028, provides CB&I with financial flexibility and letter of credit capacity to support its long-term growth initiatives.
“The additional capacity significantly enhances our ability to pursue and deliver projects and solutions across the diverse markets we serve,” Michael Caldwell, senior vice president and chief financial officer of CB&I, said. “In addition, it shows the commitment and support of our existing lending group. Equally important, we added three top-tier banking partners to the lending syndicate.”
The revolving credit facility remains undrawn at closing. CB&I enters the upsizing with no outstanding debt and a robust liquidity profile.
CB&I entered the facility with an existing lending syndicate that included Citibank as administrative agent; Truist Securities, National Bank of Canada and Webster Bank as joint lead arrangers; and Texas Capital Bank. In addition, three new lenders have been added: Crédit Agricole Corporate and Investment Bank and Wells Fargo as joint lead arrangers; and J.P. Morgan Chase Bank.
