- Current report filing (8-K)
October 14 2008 - 1:23PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): September 29,
2008
FOSTER
WHEELER LTD.
(Exact
Name of Registrant as Specified in Its Charter)
Bermuda
(State
or Other Jurisdiction
of
Incorporation)
|
001-31305
(Commission
File
Number)
|
22-3802649
(IRS
Employer
Identification
No.)
|
Perryville
Corporate Park, Clinton, New Jersey
(Address
of Principal Executive Offices)
|
08809-4000
(Zip
Code)
|
Registrant’s
telephone number, including area code:
908-730-4000
|
Not
applicable
(Former
Name or Former Address, if Changed Since Last Report.)
|
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General
Instruction A.2. below):
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e -4(c))
|
Item
1.01 Entry into a Material Definitive Agreement.
Effective
September 29, 2008, Foster Wheeler Ltd. (the “Company”), certain of its
subsidiaries (the “Subsidiaries”) and BNP Paribas, as Administrative Agent and
Issuing Lender, entered into an amendment (the “Amendment”) of a Credit
Agreement, dated as of September 13, 2006 (as modified and supplemented and
in
effect from time to time, the “Credit Agreement”), between the Company, the
Subsidiaries, BNP Paribas and the other lenders party thereto. A copy of the
Amendment is attached hereto as Exhibit 10.1 and incorporated into this Item
1.01 by reference. The following summary of the Amendment is qualified in its
entirety by reference to the Attachment.
|
1)
|
The
Amendment increases the amount of cash the Company may use to
repurchase its equity interests by providing that the Company may
repurchase its equity interests for cash (“Cash Repurchases”) in one
or more transactions in an aggregate amount up to $750 million minus
the
amount of Cash Repurchases made in 2008 prior to the effective date
of the
Amendment; provided that both before and immediately after giving
effect
to each such Cash Repurchase (i) no Default (as defined in the Credit
Agreement) shall have occurred and be continuing and (ii) Company
and its
Restricted Subsidiaries (as defined in the Credit Agreement) shall
have at
least $300 million in cash and cash equivalents, certain Permitted
Investments (as defined in the Credit Agreement) and/or unused revolving
credit commitments under the Credit Agreement.
|
|
2)
|
The
Amendment also provides for an increase in the amount of permitted
capital
expenditures by the Company and its Restricted Subsidiaries from
$40
million to $80 million for fiscal year 2008 and $70 million for
fiscal years thereafter, subject to certain
adjustments.
|
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
|
Description
|
|
|
10.1
|
Amendment
No. 2 to Credit Agreement, dated September 29,
2008.
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
FOSTER
WHEELER LTD.
|
|
|
|
|
|
|
|
|
|
By:
|
/s/
Peter J. Ganz
|
|
DATE:
October
14, 2008
|
|
Peter
J. Ganz
Executive
Vice President, General Counsel and
Secretary
|
EXHIBIT
INDEX
Exhibit No.
|
Description
|
|
|
10.1
|
Amendment
No. 2 to Credit Agreement, dated September 29,
2008.
|
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