PCR Perini Cp

Perini Corporation (NYSE:PCR) announced today that it has entered into a new five-year credit agreement with Bank of America, as Administrative Agent, and three participant banks, TD Banknorth, BMO Capital Markets Financing and Sovereign Bank. The Amended Agreement amends and restates in its entirety the prior credit agreement dated October 14, 2005, which provided for a $50 million revolving credit facility and a 5-year, $30 million term loan maturing on October 14, 2010. The new credit agreement allows the Company to borrow up to $125 million on a revolving credit basis with a $50 million sublimit for letters of credit. Subject to certain conditions, the Company has the option to increase the facility by up to an additional $50 million. The term loan and all other obligations under the prior credit agreement were repaid upon closing of the new agreement. The new agreement will terminate on February 22, 2012, and is secured by a lien on virtually all real and personal property of the Company and its subsidiaries. Bob Band, President and Chief Operating Officer, said, �We are pleased to have the continued support of Bank of America and TD Banknorth, along with that of our new participants BMO Capital Markets Financing and Sovereign Bank. We believe that this new facility will provide us with substantial capacity and flexibility to support our growing organization.� About Perini Corporation Perini Corporation is a leading construction services company offering diversified general contracting, construction management and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large complex projects on time and within budget while adhering to strict quality control measures. We offer general contracting, preconstruction planning and comprehensive project management services, including the planning and scheduling of the manpower, equipment, materials and subcontractors required for a project. We also offer self-performed construction services including sitework, concrete forming and placement and steel erection. We are known for our hospitality and gaming industry projects, sports and entertainment, educational, transportation, healthcare, biotech, pharmaceutical and high-tech facilities, as well as large and complex civil construction projects and construction management services to U.S. military and government agencies.