According to an 8K filed with the SEC, Bank of America served as administrative agent, swing line lender and a letter of credit issuer on an amendment to KBR’s existing credit agreement.

The amendment replaced KBR’s $500 million performance letter of credit (PLOC) capacity with revolving credit facility (RCF) capacity under its existing credit agreement. The PLOC to RCF replacement allowed all capacity formerly available under the PLOC to effectively “convert,” increasing RCF capacity from $500 million to $1 billion, with no change to RCF rates. Aggregate capacity under the credit agreement remains unchanged at $1.795 billion.

“This marks another milestone in our capital structure evolution,” Stuart Bradie, president and CEO of KBR, said. “Building on our strong earnings and cash performance in Q1, this gives KBR significant capital deployment flexibility at an opportune time. Further, it reflects our resilience, improved overall financial outlook and transformed and de-risked business mix.”

KBR is a global provider of differentiated professional services and technologies across the asset and program life cycle within the government services and energy sectors.