McDermott Enters USD 810 Million Credit Agreement

McDermott International has entered into a 5-year amended and restated credit agreement with $810 million of capacity for letters of credit and a $300 million revolving cash sublimit.

In addition, the agreement allows for current or new lenders to increase commitments up to a total of $1.0 billion, the company said.

The amended and restated facility will replace McDermott’s previous $450 million credit agreement dated April 16, 2014 (as amended) and will extend the maturity until 2022, provided that McDermott’s existing senior secured notes are repaid by December 2020.

In conjunction with the amended and restated credit agreement, McDermott repaid in full the outstanding term loan under the previous credit agreement.

“The increased limit of the facility, the $300 million revolving cash sublimit, as well as the extended maturity are a culmination of the financial transformation McDermott has made over the past few years,” said Stuart Spence, McDermott’s executive vice president and chief financial officer. “The increased facility capacity underscores the confidence and support shown by our current and new lenders entering the facility and provides us with a simplified capital structure, increased balance sheet flexibility and positions us well for future growth.”

Share this article

Follow Subsea World News

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Submarine Networks World 2019

As the key annual gathering for decision makers in the subsea communications value chain, they offer a dedicated platform…

read more >

8th International Conference 2019 Offshore Wind Power Substations

The International Conference Offshore Wind Power Substations is a technical event for experts in the wind industry.

read more >

Wind Turbine Towers

Wind Turbine Towers is a technical event for experts in the wind industry and the goal is to push forward technical development for future tower concepts.

read more >

Seatrade Europe 2019

The three day event will  take place in the hub of the European cruise industry, Hamburg; Germany…

read more >