TechnipFMC Enters Into Amendments to Revolving Credit Facility Agreements
Source: www.gulfoilandgas.com 6/16/2020, Location: North America
TechnipFMC plc announces that on 15 June 2020, it filed with the U.S. Securities and Exchange Commission its Current Report on Form 8-K (“Form 8-K”) announcing that on 12 June 2020, the Company entered into Amendment No 1. to its $2.5 billion senior unsecured revolving credit facility agreement (the “RCF”) and an Amendment and Restatement Agreement to its €500 million senior unsecured revolving credit facility agreement (the “Euro Facility”). Capitalized terms used herein but not defined have the meaning provided in the relevant credit facility agreements.
The amendments permit the Company to include approximately $3.2 billion of goodwill (which was impaired in the quarter ended 31 March 2020) to the calculation of Consolidated Net Worth. These amendments are permanent for the purpose of calculating the Company’s Total Capitalization Ratio for purposes of quarterly compliance and are effective through the respective expirations of the RCF and Euro Facility.
