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April 28, 2015 1:41 AM ET

Construction and Engineering

Company Overview of CH2M HILL Companies, Ltd.

Company Overview

CH2M HILL Companies, Ltd., together with its subsidiaries, provides professional engineering services to clients worldwide. It performs engineering, modular fabrication, erection, construction, and operations and maintenance services for oil and gas fields; and delivers compression and dehydration facilities, drilling and well support services, enhanced oil recovery infrastructure, field development, fleet support, natural gas gathering and processing, conventional oil production, sulfur recovery, acid gas treating, and heavy oil and steam- assisted gravity drainage facilities. The company also focuses on infrastructure projects that gather, store, and transport oil, natural gas, refined pro...

9191 South Jamaica Street

Englewood, CO 80112

United States

Founded in 1946

25,000 Employees

Phone:

303-771-0900

Key Executives for CH2M HILL Companies, Ltd.

Chairman of The Board, Chief Executive Officer, Chairman of Executive Committee, Member of Outside Director Search Committee and Member of Governance Committee
Age: 53
Chief Financial Officer and Executive Vice President
Age: 54
President of Sustainability
Age: 65
Global Market President of Water Business Group, Global Business Groups President, Corporate Vice President, Director, Member of Risk Committee and Member of Governance Committee
Age: 55
Corporate Vice President and Group President of Environment & Nuclear Business
Compensation as of Fiscal Year 2014.

CH2M HILL Companies, Ltd. Key Developments

CH2M HILL Companies, Ltd. and Several of CH2M HILL’s Subsidiaries Enters into a Second Amendment to Credit Agreement

On March 30, 2015, CH2M HILL Companies, Ltd. and several of CH2M HILL’s subsidiaries, as Borrowers and Subsidiary Guarantors, entered into a Second Amendment to Credit Agreement (the ‘Second Amendment’), amending the Second Amended and Restated Credit Agreement, dated as of March 28, 2014, as amended by the First Amendment to Credit Agreement, dated as of September 26, 2014 (the ‘Credit Agreement’), among CH2M HILL Companies, Ltd., such subsidiaries of CH2M HILL, Wells Fargo Bank, National Association, as Administrative Agent and Swing Line Lender (the ‘Agent’), and each of the financial institutions party thereto (the ‘Lenders’). The Credit Agreement provides for an unsecured revolving credit facility in an amount of up to $1.1 billion, including a subfacility for the issuance of standby letters of credit in a face amount up to $750 million, a subfacility of up to $300 million for multicurrency borrowings and a subfacility of up to $50 million for swingline loans. The facility is available to CH2M HILL and its subsidiaries to refinance certain indebtedness and for general corporate purposes. CH2M HILL entered into the Second Amendment to provide financial and operational flexibility under the Credit Agreement. The Second Amendment amends the Credit Agreement to temporarily increase the maximum Consolidated Leverage Ratio from 3.25x to 3.75x from January 1, 2015 through the earlier of the end of fiscal 2015 or the date, if any, during 2015 on which CH2M HILL completes one or more offerings of preferred stock with aggregate proceeds of $200 million or more. Thereafter, the maximum Consolidated Leverage Ratio will return to 3.25x for the remainder of fiscal 2015 and 3.00x for fiscal periods after 2015. The Second Amendment also adds an additional tier to the pricing grid that is contained in the definition of Applicable Rate which applies an increased applicable interest rate for loans outstanding under the Credit Agreement during any fiscal period for which the Consolidated Leverage Ratio exceeds 3.25x. The Second Amendment further imposes a limit on certain repurchases by CH2M HILL of its common stock (either through or outside of the internal market maintained in connection with employee ownership program) and preferred stock and payment of common stock dividends up to $15 million in fiscal 2015, subject to a pro forma 3.00x leverage threshold through 2015 and 2.75x thereafter. The $15 million cap is reduced by up to $15 million of legally required repurchases of common stock held in benefit plan accounts in excess of $45 million (although legally required repurchases of common stock held in benefit plan accounts are allowed in excess of such limits). In addition, the Second Amendment limits CH2M HILL’s ability to make restricted payments, including common or preferred stock repurchases and redemptions, with proceeds from the sale of new equity interests by prohibiting such payments in 2015, unless CH2M HILL completes preferred stock offerings with gross proceeds of $200 million or more, and by imposing an overall cap on such payments in 2015 of $120 million. Other provisions of the Credit Agreement that permit certain restricted payments to be made in respect of capital stock are not affected by the Second Amendment, including provisions permitting CH2M HILL: (1) to repurchase up to $45 million of its common stock during 2015 (less an amount up to $45 million of legally required repurchases of common stock held in benefit plan accounts) in connection with its employee stock ownership program; (2) to pay dividends on preferred stock; and (3) to allow up to 50% of the proceeds from asset sales to be utilized to repurchase common or preferred stock, subject in each case to pro forma financial covenant compliance.

CH2M HILL Companies, Ltd. Approves Amendment of Certificate of Incorporation

At the special meeting of stockholders of CH2M HILL Companies, Ltd. held on February 19, 2015, stockholders approved proposals to amend CH2M HILL's Certificate of Incorporation to facilitate third party investments in CH2M HILL's common and preferred stock; strengthen certain defensive measures to protect the independence of CH2M HILL, along with certain ancillary amendments; and designate the Delaware Chancery Court as the exclusive forum for certain legal actions. On February 19, 2015, CH2M HILL filed a Restated Certificate of Incorporation reflecting the amendments with the Delaware Secretary of State. The Board of Directors of CH2M HILL also approved an amendment to Section 11.2 of CH2M HILL's Amended and Restated Bylaws, which became effective upon the filing of the Restated Certificate of Incorporation with the Delaware Secretary of State on February 19, 2015. The amendment conforms the vote required for stockholder amendments to the Bylaws to the standard set in the Restated Certificate of Incorporation by requiring that the affirmative vote of at least 662/3% of the total voting power of the outstanding shares of capital stock of CH2M HILL entitled to vote generally in the election of directors, voting together as a single class, at any annual or special meeting of stockholders, be obtained in order to amend or repeal the Bylaws or to adopt new Bylaws.

CH2M HILL Companies Ltd. Names Ryan Beckman as its Vice President, Controller and Principal Accounting Officer Effective March 1, 2015

On February 12, 2015, the board of directors of CH2M HILL Companies Ltd. (CH2M HILL), named Ryan Beckman as its Vice President, Controller and Principal Accounting Officer effective March 1, 2015. Mr. Beckman is currently the Assistant Controller of CH2M HILL. Mr. Beckman will succeed JoAnn Shea who serves as the Chief Accounting Officer of CH2M HILL until March 1, 2015 when she will serve as the Vice President of Finance, Global Regions of CH2M HILL.

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Recent Private Companies Transactions

Type
Date
Target
Buyback
March 24, 2015
--
Buyback
December 16, 2014
--
 

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