URS Corporation has unveiled a new, five-year $1.7bn (£1.1bn) credit facility to support its ongoing operations and global expansion plans.
The facility includes a £446M loan facility and £636M revolving credit facility and allows URS to borrow up to £255M in selected foreign currencies. The move will make it easier for the firm to acquire firms overseas. Last year URS bought UK consultant Scott Wilosn for £223M.
Last week URS Scott Wilson strategy director told NCE that the firm remained on the hunt for more acquistions. “We will naturally consider niche and bolt on acquistions which will strategically form part of this growth plan,” he said.
URS chief financial officer Thomas Hicks reiterated this stance following today’s announcement. “This facility provides us with increased financial flexibility, including the ability to borrow in certain foreign currencies, which is an important feature given our plans to continue to expand our business in key global markets outside of the US.”