Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
URS > SEC Filings for URS > Form 8-K on 19-Dec-2013All Recent SEC Filings

Show all filings for URS CORP /NEW/

Form 8-K for URS CORP /NEW/


19-Dec-2013

Entry into a Material Definitive Agreement, Financial Statements and Exhibits


ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

(a)

On December 19, 2013, we entered into a Second Amendment to Credit Agreement and First Amendment to Subsidiary Guaranty (the "Amendment"), with some of our foreign subsidiaries as borrowers, some of our domestic subsidiaries as guarantors, a syndicate of lenders and Wells Fargo Bank, National Association, as administrative agent, swing line lender and an L/C issuer. The Amendment amends our Credit Agreement, dated as of October 19, 2011, as amended by the first amendment dated as of May 23, 2013 (the "Credit Agreement") by and among the Company, some of our foreign subsidiaries as borrowers, a syndicate of lenders party thereto, Bank of America, N.A., BNP Paribas, and Citibank, N.A., as syndication agents, Mizuho Corporate Bank, Ltd, as documentation agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, BNP Paribas Securities Corp., and Citigroup Global Markets Inc., as joint lead arrangers, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC, as joint book managers and Wells Fargo Bank, National Association as administrative agent for the lenders and our Subsidiary Guaranty, dated as of October 19, 2011 (the "Subsidiary Guaranty").

The Amendment amends the Credit Agreement by (a) extending the maturity date of the credit facility by two years to December 19, 2018, (b) increasing the sublimit for alternative currency revolving loans from $400.0 million to $500.0 million, (c) establishing a $500.0 million sublimit for financial letters of credit, (d) adding an additional level to the pricing grid which now provides
(i) for the per annum applicable margin for Eurocurrency rate borrowings on all loans and financial letters of credit to range from 1.125% to 2.00%, (ii) that the Eurocurrency rate for performance and commercial letters of credit will range from 0.70% to 1.20%, and (iii) that fees payable for unused portions of the revolving line of credit will range from 0.125% to 0.30%, in each case based on the better of our debt ratings and leverage ratio in accordance with the pricing grid, and (e) deleting any requirement to provide any Lien to secure obligations under the Credit Agreement. In addition, the existing amortization schedule was revised so that quarterly principal payments, commencing with the last Business Day of our fiscal year ending closest to December 31, 2014, are required in aggregate annual amounts expressed as a percentage of the original principal amount of the term loans as follows:

                                                                             Percentage of the initial aggregate principal
Last Business Day of the fiscal quarter or fiscal year ending closest to:             amount of the Term Facility
December 31, 2014                                                                                                     1.250 %
March 31, 2015
June 30, 2015
September 30, 2015
December 31, 2015                                                                                                     1.875 %
March 31, 2016
June 30, 2016
September 30, 2016
December 31, 2016
March 31, 2017
June 30, 2017
September 30, 2017
December 31, 2017                                                                                                     2.500 %
March 31, 2018
June 30, 2018
September 30, 2018

Maturity Date of the Term Facility All remaining outstanding amounts

The Amendment amends the Subsidiary Guaranty to provide for customary limitations on the guarantee of any hedge agreements by any guarantor that is not an "eligible contract participant" under the Commodity Exchange Act, as amended.

Capitalized terms used herein and not otherwise defined have the meanings given in the Credit Agreement or the Subsidiary Guaranty, as applicable. The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is filed as an exhibit to this report and is incorporated by reference into this report.



ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit
Number                                 Exhibit Description

4.1           Second Amendment to Credit Agreement and First Amendment to
              Subsidiary Guaranty dated as of December 19, 2013, entered into by
              and among URS Corporation, certain foreign subsidiaries party thereto
              as borrowers, certain domestic subsidiaries as guarantors, a
              syndicate of lenders party thereto and Wells Fargo Bank, National
              Association, administrative agent, swing line lender and an L/C
              issuer.


  Add URS to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for URS - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.