BNP Paribas' $300 million letter of credit deal for Aliso Viejo, Calif.-based Fluor has been oversubscribed despite the disruptions to the market since it launched on Sept. 7. A banker familiar with the credit said it is unlikely to be upsized before closing on Wednesday. Fluor is an engineering and construction company that designs, builds and staffs offices.
The deal is split into a $200 million revolver and a $100 million, 364-day facility. Pricing is off a ratings grid, with 55 basis points on an issued credit. Commitment fees for the three-year and 364-day facilities are 15 basis points and 12.5 basis points, respectively. Fluor already has a $450 million revolver led by Salomon Smith Barney and Bank of America, priced at LIBOR plus 1/4 %. The previous letter of credit facility was led by ANZ Banking Group and totaled $100 million. Calls to Keith Karpe, spokesman, were not returned by press time.