Engineering and construction company Shaw Group says it extended a $1 billion credit line to October 2012 by pledging its tangible and intangible assets. The credit agreement also lets Shaw to seek additional secured commitments of up to $400 million under this facility and other supplemental credit facilities. Furthermore, Shaw may pledge up to $300 million of its unrestricted cash to secure additional letters of credit. The credit agreement will become unsecured once Standard & Poor’s and Moody’s rating services designate the facility as investment grade.
Shaw Group extends credit line to October 2012
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