Babcock Power Announces New Five-Year Credit Agreement.DANVERS, Mass. -- Babcock Power Inc. (BPI), a privately held Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. , announced today that it has executed an agreement for a new $95 million, five-year senior secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility. The new facility will replace an existing credit facility and increase BPI's borrowing capacity by $45 million. This financial facility further demonstrates BPI's continued growing financial strength and ongoing commitment to the power generation industry. BPI's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jim Wood Jim Wood may refer to:
"This new agreement reflects BPI's markedly improved balance sheet and liquidity and will provide BPI with increased capacity and financial flexibility that we require to support our growing operations, increased volume of business and ever increasing opportunities in all our served markets," commented Anthony Brandano, BPI's CFO See Chief Financial Officer. . LaSalle Bank National Association ("LaSalle") and ABN AMRO Bank N.V. ("ABN AMRO") jointly served as bookrunner, co-Lead Arranger and administrative agent on the transaction with PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank, N.A. who acted as co-Lead Arranger and Syndication Agent. LaSalle is a subsidiary of Netherlands based ABN AMRO Bank N.V., one of the world's largest banks. Based in Chicago, LaSalle has $63.7 billion in assets and $37.7 billion in deposits. Babcock Power Inc., through its subsidiaries, is one of the world's leading suppliers of technology, equipment, and services to the power generation industry. Babcock Power subsidiary companies include; Vogt Power International (Louisville, KY), Thermal Engineering International (USA) Inc. (Santa Fe Springs Santa Fe Springs, city (1990 pop. 15,520), Los Angeles co., SW Calif., inc. 1957. The city lies in an oil and natural gas region and has diversified manufacturing. , CA), Babcock Power Environmental, Riley Power Inc. and Babcock Power Services (Worcester, MA), Boiler Tube Company of America (Lyman, SC), and TEi Construction Services, Inc. (Greer, SC). |
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