Washington Group gets waiver of fixed-charge and capital expenditures covenants

By Sara Rosenberg

New York, July 16 - Washington Group International obtained a waiver from its senior secured credit facility lenders relating to potential non-compliance with the minimum fixed-charge coverage ratio as of June 29 and the capital expenditures covenant, according to an 8-K filed with the Securities and Exchange Commission Monday.

The company needed the waivers because expansion of the business over the past year required capital expenditures of $125 million for mining equipment and because of a potential accounting charge related to a joint venture claim.

Credit Suisse is the lead bank on the deal.

The waiver was obtained on July 13.

Washington Group is a Boise, Idaho-based provider of engineering, construction and management services for businesses and governments.

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