TechnipFMC plc (FTI): debt financing — TechnipFMC ups revolver to $1.25B, adds $500M LC facility

TechnipFMC plc

Amended credit facility increases commitments from $1.0B to $1.25B; maturity extended to five years from April 2023.
New $500M senior secured performance letters of credit facility, expandable to $1.0B, to support contracting activities.
TechnipFMC Finance Limited added as a borrower under the revolver.
Collateral and guarantees to be automatically released upon achieving investment grade debt ratings from two of three rating agencies.
Applicable margin on USD loans ranges from 1.50% to 2.50%; EUR/GBP loans from 2.50% to 3.50%, based on leverage.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TechnipFMC plc amended revolving credit of $1,250,000,000 at applicable margin for borrowings under the revolving credit facility ranges from maturing five years from the date of the Amendment No. 5.

Instrument: revolving credit
Principal: $1,250,000,000
Rate: applicable margin for borrowings under the revolving credit facility ranges from
Maturity: five years from the date of the Amendment No. 5
Event: amendment

Exact text from the filing

The Amendment No. 5 increases the commitments available to the Company under the Credit Agreement to $1,250,000,000 and extends the term of the Credit Agreement to five years from the date of the Amendment No. 5.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

TechnipFMC plc incurred credit facility of $500,000,000 maturing five-year.

Instrument: credit facility
Principal: $500,000,000
Maturity: five-year
Event: incurrence

Exact text from the filing

On April 24, 2023, the Company entered into a new $500,000,000 five-year senior secured performance letters of credit facility (the “Performance LC Credit Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TechnipFMC plc entered into Performance LC Credit Agreement valued at $500,000,000 (effective 2023-04-24).

Action: entry
Agreement: credit facility
Value: $500,000,000
Effective: 2023-04-24

Exact text from the filing

On April 24, 2023, the Company entered into a new $500,000,000 five-year senior secured performance letters of credit facility (the “Performance LC Credit Agreement”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TechnipFMC plc amended Amendment No. 5 valued at $1,250,000,000 (effective 2023-04-24).

Action: amendment
Agreement: credit facility
Value: $1,250,000,000
Effective: 2023-04-24

Exact text from the filing

On April 24, 2023, TechnipFMC plc (the “Company”) entered into a fifth amendment (the “Amendment No. 5”) to its credit agreement dated February 16, 2021 (as amended from time to time) providing for a senior secured multicurrency revolving credit facility (the “Existing Credit Facility” and as amended, the “Credit Agreement”).

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TechnipFMC plc filing history →

Source: SEC EDGAR

accession 0001193125-23-115363

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