Perini gets $242.3 million amended and restated facility

By Sara Rosenberg

New York, Sept. 12 - Perini Corp. closed on a $242.3 million amended and restated credit facility due Feb. 22, 2012, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Bank of America acted as the lead arranger and bookrunner on the deal that was completed on Sept. 8.

The facility consists of a $125 million revolver and $117.3 million under a supplementary facility.

Pricing on the revolver can range from Libor plus 125 basis points to 200 bps based on leverage and the commitment fee is 50 bps.

Pricing on the supplemental facility can range from Libor plus 100 bps to 175 bps and the commitment fee can range from 20 bps to 35 bps, based on leverage.

Financial covenants include a consolidated leverage ratio of no more than 2.5 to 1.0, a fixed-charge coverage ratio of at least 1.5 to 1.0 and a consolidated asset coverage ratio of at least 1.5 to 1.0.

The revolver has a $45 million accordion feature.

Proceeds were used to replace the company's previous facility.

Perini is a Framingham, Mass.-based provider of general contracting, construction management, and design-build services to private clients and public agencies.

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