Fluor increased its credit facility to $1.8 billion and extended the maturity to February 2025. This facility includes an ESG-linked pricing option, which provides the opportunity to further lower the company’s overall borrowing costs. These key performance indicators will be based on a future agreement with BNP Paribas and BofA Securities as sustainability coordinators.
“One of the key objectives Fluor committed to on strategy day in January 2021 was to re-establish a sound financial footing for the company going forward,” Joe Brennan, CFO of Fluor, said. “This long-term renewal and expansion of Fluor’s credit facilities, along with the ability to reduce our financing costs by way of achieving certain ESG goals, demonstrates the company’s success in accomplishing this strategic objective and illustrates the confidence our banks have in Fluor’s future.”
BNP Paribas Securities, BofA Securities, Citibank and Wells Fargo Securities were the joint lead arrangers for the facility.