The new financial structure comprises a $500 million revolving credit facility and a $125 million syndicated Term Loan A. According to the company, these funds are earmarked to replenish cash reserves used during the Asset Solutions purchase and to provide additional letter of credit capacity for long-term growth initiatives. CB&I enters this expanded arrangement with no funded debt outstanding, maintaining a strong liquidity position as the revolving portion remains undrawn.
CB&I Expands Credit Facility to $625 Million
The Woodlands-based storage and asset-management firm CB&I has secured a $625 million senior secured credit facility, marking a significant increase from its previous $400 million limit. The expanded agreement, which matures in December 2028, bolsters the company’s liquidity following its recent acquisition of the Petrofac Group's Asset Solutions unit.
Citibank, N.A. served as the administrative agent for the transaction, which saw the addition of Goldman Sachs Bank USA and Zions Bancorporation, N.A. dba Amegy Bank to the lending syndicate. Chief Financial Officer Michael Caldwell described the successful syndication as a meaningful endorsement of the company’s operating performance and strategic direction. The expanded lender group also includes Truist Securities, National Bank of Canada, Webster Bank, N.A., Texas Capital Bank, Crédit Agricole CIB, Wells Fargo, N.A., and J.P. Morgan, N.A.
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