Black & Veatch increases revolving credit to $175 million.KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo.--(BUSINESS WIRE)--Dec. 27, 1995--Black & Veatch, a global engineer/constructor, recently expanded its credit capacity by increasing a 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 from $150 million to $175 million. This is the second expansion of the initial credit facility, established in February 1993 by Black & Veatch and a consortium of domestic and international banks. The five-year credit facility allows the firm to borrow short term funds and issue longer term letters of credit to finance engineering and construction projects worldwide. International projects accounted for more than 50 percent of the firm's estimated 1995 revenues of $1.1 billion. "Our continued success in obtaining international work is dependent on having the necessary credit support," said P.J. Adam, Black & Veatch's Chairman 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. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Wayne F. Hall, Executive Partner and CFO See Chief Financial Officer. , "Our banks have shown their continued support and commitment to Black & Veatch by increasing the size of the credit facility. This group has responded very positively to the growing financial needs of our firm." The consortium of domestic and international banks includes: Harris Trust and Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. Boatmen's First National Bank of Kansas City Commerce Bank of Kansas City, N.A. NBD NBD Next Business Day NBD National Bank of Dubai (United Arab Emirates) NBD No Big Deal NBD Network Block Device (Linux) NBD Nucleotide Binding Domain NBD New Business Development Bank, N.A. The Hongkong and Shanghai Banking Corporation Limited NationsBank Credit Lyonnais The Long Term Credit Bank of Japan, Ltd. Mercantile Bank of Kansas City Australia and New Zealand Banking Group The Australia and New Zealand Banking Group Limited (Australia and New Zealand Banking Group Limited; ASX: ANZ, NZX: ANZ, NYSE: ANZ), commonly called ANZ, is the third largest bank in Australia, after the National Australia Bank and the Commonwealth Bank. Limited Harris Trust and Savings Bank, Chicago, Illinois, acted as agent in reaching the agreement. "We feel that Black & Veatch is well-positioned as one of the premier international players in a number of important growth markets, and look forward to continued, mutual opportunities for both of our organizations," said David L. Sauerman, Vice President, Harris Trust and Savings Bank. Black & Veatch is an 81-year-old partnership which specializes in the fields of energy, environment, process, and buildings. The firm provides complete engineering, procurement, construction, architectural, financial, and management consulting services for utilities, commerce, industry, and government agencies. To date, Black & Veatch has completed more than 30,000 projects, including power plants, wastewater treatment systems, hydrocarbon processing facilities, and hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. remediation for clients in 65 countries. Based in Kansas City, Missouri Kansas City is the largest city in the state of Missouri. It encompasses parts of Jackson, Clay, Cass, and Platte counties and is the anchor city of the Kansas City Metropolitan Area, the second largest in Missouri, which includes counties in both Missouri and Kansas. , Black & Veatch employs approximately 6,100 professionals in more than 80 offices throughout the world. Rankings include: Forbes ranks Black & Veatch #169 in its "500 Largest Private Companies in the U.S." list. McCoy Power Reports states that Black & Veatch is the U.S. and worldwide leader in project awards for electricity generation and has been for the last 10-year period. In construction management, the firm garnered 75 percent of the U.S. market and 40 percent worldwide. Black & Veatch also captured 53 percent of the U.S. market in detailed engineering, with 25 percent worldwide. Engineering News Record ranks the firm 2nd in its "Top 100 Contractors by New Contracts" list and 8th in its "Top 500 Design Firms in Sewer/Solid Waste." Environmental Business Journal lists Black & Veatch 3rd in its "Top Environmental Consulting & Engineering Firms" list. Environmental Business International Inc. selected the firm as 4th in "Top Water/Wastewater Consulting Firms,"and 8th in "Top Air Consulting Firms." CONTACT: Black & Veatch, Kansas City Joyce Richards, Phone: 913/339-8606 Fax: 913/339-8559 richardsjj@bv.com |
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