URS Corp. (NYSE: URS) has entered a five-year $1.7 billion senior credit facility, which will support global expansion and continued operations, the company said in a release.
The facility will mature in October 2016 and includes a $700 million term loan facility and a $1.0 billion revolving credit facility.
The initial interest rate is LIBOR plus 150 basis points.
The action allows URS to borrow up to $400 million in select foreign currencies and includes an option to obtain loans or extend the facility for up to an additional $1.0 billion.
“We are pleased with the success of the bank syndication of our credit facility, which we believe reflects the strength of our financial position and the benefit of the recent upgrade of our credit rating to investment-grade status by both Standard & Poor’s and Moody’s, ” said H. Thomas Hicks, chief financial officer of URS.
